TORONTO, July 27, 2016 /CNW/ - Callidus Capital
Corporation (TSX:CBL) ("Callidus" or the "Corporation") announced
today that upon the terms and subject to the conditions of its
substantial issuer bid (the "Offer"), Callidus has taken up and
accepted for payment nine common shares ("Shares") that were
validly deposited to the Offer as of July
27, 2016. The outstanding Offer is currently scheduled
to expire at 5:00 p.m. (Toronto time) on August
30, 2016, unless further extended or withdrawn by the
Corporation.
As previously announced by Callidus, the Corporation has
increased the purchase price under its Offer to $16.10 per Share from $15.50 per Share. Callidus will pay an additional
$0.60 per Share (the amount of the
increase over the previous purchase price) to all shareholders who
have previously tendered their Shares, including those that have
already been taken up and paid for by Callidus. Under the revised
Offer, the aggregate maximum purchase price payable by Callidus is
Cdn $57,499,991.
Callidus will mail a notice of variation to its shareholders,
setting out the new terms of the Offer.
This press release is for information purposes only and is not
an offer to buy or the solicitation of an offer to sell any
Shares.
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. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflow
and outflows of each borrower, enabling Callidus to very
effectively manage any risk of loss. Further information is
available on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation