This press release is being disseminated as required by
National Instrument 62-103 - The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues.
KIRKLAND, QC, Oct. 10, 2019 /CNW Telbec/ - Manitex Capital Inc.
("Manitex") announces that it has acquired convertible
debenture units ("Units") of Ortho Regenerative Technologies
Inc. ("Ortho RTI") in consideration of the conversion of
loans that were owed by Ortho RTI in its favor for an aggregate
principal amount of $894,000.
Each Unit consists of one 10% unsecured convertible debenture
for a principal amount of $1,000
(each, a "Debenture") convertible at a $0.30 price per Class "A" share of Ortho RTI
("Common Share") and 2,000 Common Share purchase warrants
(each, a "Warrant"), with an exercise price of $0.50 ("Exercise Price"), representing a
60% warrant coverage. The Warrants will automatically convert into
Common Shares of Ortho RTI at the Exercise Price in the event that
the volume weighted average price over any 20 consecutive trading
days is greater or equal to $1.00.
Both the Debentures and the Warrants have a maturity date of
October 8, 2021.
Prior to the transaction, Manitex held the following securities
of Ortho RTI: (i) 5,108,858 Common Shares and (ii) 500,000 share
purchase warrants exercisable into 500,000 Common Shares
representing approximately 22.7%, on a partially diluted basis, of
Ortho RTI's issued and outstanding Common Shares (assuming the
exercise in full of all warrants).
As of the date hereof, Manitex has not converted the Debentures
or the Warrants. If Manitex were to convert the Debentures and
exercise the Warrants, Manitex would be issued an aggregate of
4,768,000 Common Shares after which Manitex would own or have
control or direction over 10,376,858 Common Shares representing
approximately 35.1% of Ortho RTI''s issued and outstanding Common
Shares.
The Units were acquired on a private placement basis by Manitex
for investment purposes and Manitex may, depending on market and
other conditions, convert the principal amount of the Debentures
into Common Shares, exercise in whole or in part the Warrants,
increase, decrease or change its beneficial ownership over the
Common Shares through market transactions, private agreements,
treasury issuances, exercise of convertible securities or
otherwise.
A copy of the Early Warning Report filed under applicable
securities laws is available under Ortho RTI's profile on SEDAR
(www.sedar.com). The name and address of the "Acquiror" filing the
report, is Manitex Capital Inc., 16667, Hymus Blvd., Kirkland, QC, H9H 4R9.
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements
regarding Manitex's expectations for future events. Such
expectations are based on certain assumptions that are founded on
currently available information. If these assumptions prove
incorrect, actual results may differ materially from those
contemplated by the forward-looking statements contained in this
press release. Factors that could cause actual results to differ
include, amongst others, uncertainty as to the final result and
other risks. Manitex disclaims any intention or obligation to
publicly update or revise any forward- looking statements, whether
as a result of new information, future events or otherwise, other
than as required by security laws.
About Manitex Capital Inc.
Manitex Capital Inc. invests in promising emerging companies in
diversified sectors including life sciences, cleantech and
sustainable products/technologies. Manitex provides its portfolio
companies with specialized corporate finance and advisory services
including corporate strategy, mergers and acquisitions, public
markets access and financing. Common shares of Manitex are listed
on the TSX Venture Exchange, under trading symbol MNX.V.
TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accept responsibility for the adequacy or accuracy of this
release.
SOURCE Manitex Capital Inc.