TORONTO, Jan. 14, 2019 /CNW/ - Callidus Capital
Corporation ("Callidus" or the "Company") (TSX:CBL) today announced
that an advance ruling certificate under section 102 of the
Competition Act has been issued in connection with its previously
announced sale of the commodity division of C&C Resources Inc.
("C&C") for all-cash consideration of approximately
$100 million. Closing is
expected to occur during the current quarter.
Callidus will realize the vast majority of the current carrying
value for all of the assets of C&C, which it acquired in 2017
and will retain ownership of C&C's growth-oriented, value-added
operations, including its Quesnel,
B.C., sawmill, processing facilities and associated logging
operations, as well as a plant in Cranbrook, B.C.
David Reese, President & COO
of Callidus, commented, "The issuance of an advance ruling
certificate under the Competition Act was the principal outstanding
condition precedent to closing. C&C's remaining assets
represent additional value which we will also be seeking to
monetize post closing."
About Callidus Capital Corporation
Established in
2003, Callidus Capital Corporation is a Canadian company
that specializes in innovative and creative financing solutions for
companies that are unable to obtain adequate financing from
conventional lending institutions. Unlike conventional lending
institutions who demand a long list of covenants and make credit
decisions based on cash flow and projections, Callidus credit
facilities have few, if any, covenants and are based on the value
of the borrower's assets, its enterprise value and borrowing needs.
Further information is available on our
website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation