Sparcap One Ltd. Announces Termination of Proposed Qualifying Transaction
January 21 2014 - 5:14PM
Marketwired
Sparcap One Ltd. Announces Termination of Proposed Qualifying
Transaction
TORONTO, ONTARIO--(Marketwired - Jan 21, 2014) - Sparcap One
Ltd. (the "Company") (TSX-VENTURE:SON.P), a capital pool company,
announces the termination of its previously announced option
agreement with Griftco Corporation which was intended to constitute
the Company's "Qualifying Transaction" as defined by Policy 2.4 of
the TSX Venture Exchange.
The Board of Directors has decided that it would be in the best
interest of the shareholders of the Company to permit a delisting
of the Common Shares from the TSXV and permit a cancellation of all
of the seed shares of the Company that were purchased by the
directors. The Board of Directors has further decided that after
payment of any liabilities of the Company or establishing a reserve
for such liabilities, all of the remaining cash in the Company will
be returned to its shareholders in the form of a dividend or as
advised by its tax advisors. The Company will issue a press release
within 30 days in which it will announce the calculation and
expected payment date of the distribution.
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.
Forward Looking Statements
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", "may", "will", "would", "potential",
"proposed" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These statements are
only predictions. Forward-looking information is based on the
opinions and estimates of management at the date the information is
provided, and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to
differ materially from those projected in the forward-looking
information. For a description of the risks and uncertainties
facing the Company and its business and affairs, readers should
refer to the Company's Management's Discussion and Analysis. The
Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change, unless required by law. The reader is cautioned not
to place undue reliance on forward-looking information.
Sparcap One Ltd.Michael SmythDirector(416) 367-3333Sparcap One
Ltd.Kelly EhlerDirector(905) 946-8444
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