Omni-Lite Industries Announces Closing of Previously Announced Private Placement
February 04 2022 - 12:14PM
Omni-Lite Industries Canada Inc. (“
Omni-Lite” or
the
“
Company”)
(TSXV: OML OTCQX: OLNCF) is pleased to announce, further to its
press release issued on December 20, 2021, it has completed a
private placement offering for aggregate gross proceeds of
C$1,250,000 (the "
Offering").
Pursuant to the Offering, the Company issued an
aggregate of 1,000,000 common shares of the Company at a price of
C$1.25 per common share to Candeco Realty Limited for aggregate
gross proceeds of C$1,250,000. The closing of the Offering is
subject to final approval from the TSX Venture Exchange. The
Company intends to use the net proceeds of the Offering for working
capital and general corporate purposes, including to expand and
enhance its current business through acquisitions of, or
investments in, other businesses, technologies or product
lines.
The common shares issued pursuant to the
Offering will be subject to a statutory four month hold period in
accordance with the applicable securities legislation.
Jan Holland, a director of the Company is also a
shareholder and director of Candeco Realty Limited. Pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61-101"), the
subscription of Candeco Realty Limited constituted a "related party
transaction" as Jan Holland is considered to be related party to
the Company. The Company relied on exemptions from the formal
valuation and minority approval requirements of MI 61-101 (pursuant
to subsections 5.5(a) and 5.7(a)) as the fair market value of the
subscription did not exceed 25% of the Company’s market
capitalization.
This news release does not constitute an offer
to sell, or a solicitation of an offer to buy, any of the
securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available. None of the Company's
directors expressed any contrary views or disagreements with
respect to the foregoing.……………………………………………………………About
Omni-Lite Industries Canada, Inc
Omni-Lite Industries Canada Inc. is incorporated
under the laws of Ontario and its head office is located at 18 King
Street East, Toronto, Ontario, M5C 1C4. The principal business of
Omni-Lite Industries Canada Inc. is the manufacturing of
specialized components for the aerospace, defense, automotive, and
industrial sectors.
Omni-Lite Industries Canada Inc. is a rapidly
growing, high-technology company that develops and manufactures
mission-critical, precision components that are utilized by Fortune
500 companies, including Boeing, Airbus, Raytheon Technologies,
Lockheed Martin, Howmet, Ford, Borg Warner, the U.S. Military and
Nike.
For further information, please
contact:
Mr. David Robbins, CEOTel. No. (562)404-8510 or
(800)577-6664Email: d.robbins@omni-lite.comWebsite:
www.omni-lite.com
Reader Advisory
Except for statements of historical
fact, this news release contains certain "forward-looking
information" within the meaning of applicable securities law.
Forward-looking information is frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur. In
particular, forward-looking information in this press release
includes, but is not limited to the expected use of proceeds under
the Offering. Although we believe that the expectations reflected
in the forward-looking information are reasonable, there can be no
assurance that such expectations will prove to be correct. We
cannot guarantee future results, performance or achievements.
Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in
the forward-looking information. Forward-looking information is
based on the opinions and estimates of management at the date the
statements are made and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those anticipated in the
forward-looking information. Some of the risks and other factors
that could cause the results to differ materially from those
expressed in the forward-looking information include, but are not
limited to: the ability to successfully integrate the DP Cast
acquisition; general economic conditions in Canada, the United
States and globally; industry conditions, governmental regulation,
including environmental regulation; unanticipated operating events
or performance; the effects of COVID-19 and governmental
restrictions related thereto on the Company's business and
operations; to obtain industry partner and other third-party
consents and approvals, if and when required; the availability of
capital on acceptable terms; the need to obtain required approvals
from regulatory authorities; stock market volatility; competition
for, among other things, capital, skilled personnel and supplies;
changes in tax laws; and the other risk factors disclosed under our
profile on SEDAR at www.sedar.com. Readers are cautioned that this
list of risk factors should not be construed as exhaustive. The
forward-looking information contained in this news release is
expressly qualified by this cautionary statement. We undertake no
duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Neither 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.
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