CALGARY, March 3, 2017 /CNW/ - Mosaic Capital Corporation
("Mosaic") (TSX-V Symbols: M, M.PR.B,
M.DB and M.DB.A) is pleased to announce that it has
received gross proceeds of $15,192,960 upon the closing of its previously
announced offering of up to 2,551,020 subscription privileges (the
"Subscription Privileges"), which Subscription Privileges
entitled the holders thereof to subscribe for an aggregate of up to
2,551,020 common shares of Mosaic at a subscription price of
$9.80 per share (the
"Offering"). A total of 1,550,302 common shares of Mosaic
were issued upon closing of the Offering.
As disclosed in Mosaic's short form prospectus dated
February 3, 2017 (the
"Prospectus"), the net proceeds of the Offering will be used
for future acquisitions that fit Mosaic's acquisition criteria and
for general corporate purposes, which may include paying down
existing credit facilities and payment of expenses in connection
with Mosaic's day-to-day operations. Unallocated funds will be
added to working capital.
Mark Gardhouse, Mosaic's CEO
commented "We are very appreciative of the long-term support and
interest of the Offering participants in continuing to be a part of
Mosaic's future growth."
Mosaic paid a fee of $0.25 per
Subscription Privilege exercised to the securities broker or
dealer, bank or trust company or other CDS participant whose client
exercised the Subscription Privilege. No managing or soliciting
dealer was engaged in connection with the Offering. In addition,
Mosaic did not receive, nor did it seek, any standby commitments in
respect of the Offering.
For the full details of the Offering see the Prospectus, a copy
of which has been filed on SEDAR at www.sedar.com.
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is a Canadian investment company that owns a portfolio of
established businesses which span a diverse range of industries and
geographies. Mosaic's strategy is to create long-term value for its
shareholders through accretive acquisitions, long-term portfolio
ownership, sustained cash flows and organic portfolio growth.
Mosaic achieves its objectives by maintaining financial discipline,
acquiring businesses at attractive valuations, performing extensive
acquisition due diligence, utilizing creative transaction
structuring and working closely with subsidiary businesses after
acquisition.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The Subscription Privileges and the common shares of
Mosaic issued pursuant to the exercise of the Subscription
Privileges have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be
offered or sold within the United
States or to, or for the account or benefit of, U.S. persons
absent U.S. registration or an applicable exemption from the U.S.
registration requirements. This news release does not constitute an
offer for sale or the solicitation of an offer to buy securities in
the United States or in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
FORWARD-LOOKING INFORMATION
This news release contains forward-looking information and
statements within the meaning of applicable Canadian securities
laws (herein referred to as "forward-looking statements")
that involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. All information and statements in this news
release which are not statements of historical fact may be
forward-looking statements. The words "believe", "expect",
"intend", "estimate", "anticipate", "project", "scheduled", and
similar expressions, as well as future or conditional verbs such as
"will", "should", "would", and "could" often identify
forward-looking statements. In particular, forward-looking
statements in this news release include, but are not limited to:
the anticipated use of net proceeds of the Offering. Such
statements or information are only predictions and reflect the
current beliefs of management with respect to future events and are
based on information currently available to management. Actual
results and events may differ materially from those contemplated by
these forward-looking statements due to these statements being
subject to a number of risks and uncertainties.
Undue reliance should not be placed on these forward-looking
statements as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. By their
nature forward-looking statements involve assumptions and known and
unknown risks and uncertainties, both general and specific, that
contribute to the possibility that the predictions and other
forward-looking statements will not occur. Some of the assumptions
made by Mosaic, upon which such forward-looking statements are
based include, but are not limited to: future market conditions
will not be materially different than anticipated by Mosaic; there
will be no material changes to government and environmental
regulations affecting Mosaic or its operations; and the business
operations of the operating businesses of Mosaic will continue on a
basis consistent with prior years.
A number of factors could cause actual results to differ
materially from those expressed or implied by the forward-looking
statements, including, but not limited to: unexpected changes in
the financial markets (including in the trading price of the
securities of Mosaic); prevailing economic conditions; and changes
in the general economic and business conditions of one or more of
Mosaic and its subsidiaries. Should any of the risks or
uncertainties facing Mosaic and its subsidiaries materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results, performance, activities or achievements
could vary materially from those expressed or implied by any
forward-looking statements contained in this news release. Readers
are cautioned that the foregoing list of risks is not exhaustive.
Additional information on these and other factors that could affect
the operations or financial results of Mosaic and its subsidiaries
are included in the Prospectus and Mosaic's annual information form
for the year ended December 31, 2015,
a copy of each of which is available under Mosaic's profile on
SEDAR (www.sedar.com).
Although Mosaic believes that the expectations represented by
any forward-looking statements contained herein are reasonable
based on the information available to it on the date of this news
release, management cannot assure investors that actual results,
performance or achievements will be consistent with these
forward-looking statements. Any forward-looking statements herein
contained are made as of the date of this news release and Mosaic
does not assume any obligation to update or revise them to reflect
new information, events or circumstances, except as required by
law.
SOURCE MOSAIC CAPITAL CORPORATION