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CALGARY, June 14, 2017 /CNW/ - Mosaic Capital Corporation
("Mosaic") ("the Company") (TSX-V Symbols: M and
M.DB) announced today a withdrawal of its proposed public offering
of common shares that was previously announced on June 12, 2017. The terms presented by the
syndicate of underwriters did not offer favourable enough
pricing.
"Mosaic maintains a long-term view of creating value for its
shareholders and believes today's decision prevents excessive
dilution to its existing common shareholders. The company
prides itself on a strong track record of capital allocation and
acting in the best interests of shareholders," said Mark Gardhouse, CEO of Mosaic. "We will
drive our business plan forward with a strong pipeline of growth
opportunities, $21 million of
availability on our acquisition line of credit and $20 million of cash on our balance
sheet."
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 optimal 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.
SOURCE Mosaic Capital Corporation