Pender Growth Fund Announces Investment in GreenSpace Brands
19 Fevereiro 2020 - 11:46AM
Pender Growth Fund Inc. (TSXV: PTF) and PenderFund Capital
Management Ltd. (collectively “
Pender”) announce
that Pender has entered into a definitive investment agreement with
GreenSpace Brands Inc. (TSXV: JTR) (the “
Company”)
in which Pender will take the lead order in the Company's offering,
by way of a private placement, of up to 100 million common shares
(the “
Shares”) at a price of $0.065 per share for
aggregate gross proceeds of $6.5 million (the “
Private
Placement”). In connection with the transaction, five
members of the Company's board of directors will resign and be
replaced by three appointees of Pender (“
Pender
Nominees”).
One of the Pender Nominees is Paul Henderson who
will be appointed as Executive Chairman of the Company. Mr.
Henderson brings over 30 years of experience in the food industry,
including serving as CEO of Golden Boy Foods until 2015.
The completion of the Private Placement,
including the board changes, is subject to the Company obtaining
the approval of the TSX Venture Exchange and the Company's
shareholders authorizing Pender to take a control position in the
Company. Initially, Pender Growth Fund Inc. and other funds managed
by PenderFund Capital Management Ltd. will take up to a 19.99%
equity stake in the Company in a first tranche closing of the
Private Placement. In aggregate, Pender Growth Fund Inc. will
invest up to $3.5 million, of which up to $1.5 million will be
invested in the first tranche. If shareholder approval is granted,
the Private Placement and the appointment of the Pender Nominees
will constitute a Change of Control of the Company under the
policies of the TSX Venture Exchange.
The Private Placement will be made available to
accredited investors in all provinces of Canada, and is expected to
close in tranches until no later than April 15, 2020. All
Shares issued under the Private Placement will be subject to a
four-month hold period. For additional details regarding the
transaction, see the Company's press release dated February 19,
2020 available on the SEDAR website at www.sedar.com.
About Pender Growth Fund
Inc.Pender Growth Fund Inc. is an investment company with
the objective of achieving long-term capital appreciation for its
investors. The company utilizes its small capital base and
long-term horizon to invest in unique situations; primarily small
cap, special situations, and illiquid public and private companies.
The company trades on the TSX Venture Exchange under the symbol
“PTF”.
Please visit www.pendergrowthfund.com.
For further information, please contact:Tony
RautavaPenderFund Capital Management Ltd.(604)
653-9625Toll Free: (866) 377-4743trautava@penderfund.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information
This news release may contain forward-looking
statements (within the meaning of applicable securities laws)
relating to Pender Growth Fund Inc.'s proposed investment in
GreenSpace Brands Inc. Forward-looking statements are identified by
words such as “believe”, “anticipate”, “project”, “expect”,
“intend”, “plan”, “will”, “may”, “estimate” and other similar
expressions. These statements are based on Pender's expectations
and conditions relating to the completion of its proposed
investment in GreenSpace Brands Inc. The forward-looking statements
in this news release are based on certain assumptions; they are not
guarantees and involve risks and uncertainties that are difficult
to control or predict. A number of factors could cause actual
results to differ materially from the results discussed in the
forward-looking statements, including, but not limited to, the
transaction not being approved by the TSX Venture Exchange or the
GreenSpace Brands Inc. shareholders. There can be no assurance that
forward-looking statements will prove to be as accurate as actual
outcomes and results may differ materially from those expressed in
these forward-looking statements. Readers, therefore, should not
place undue reliance on any such forward-looking statements.
Further, these forward-looking statements are made as of the date
of this news release and, except as expressly required by
applicable law, the company assumes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
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