TORONTO, June 01, 2018 (GLOBE NEWSWIRE) -- Grenville Strategic Royalty Corp. (TSXV:GRC) (“Grenville” or the “Company”) today announced the results of its special meeting (the “Special Meeting”) of shareholders held May 31, 2018. At the Special Meeting, Grenville shareholders passed the special resolution, with 97.7% of votes cast in favour, approving the Company’s previously announced arrangement agreement with LOGiQ Asset Management Inc. (“LOGiQ”) outlined in the Joint Management Information Circular dated May 2, 2018 and available on SEDAR.
Under the arrangement LOGiQ will acquire all of the issued and outstanding Grenville common shares and Grenville and LOGiQ will amalgamate. Shareholders of Grenville will receive 6.25 common shares of LOGiQ for each Grenville common share they hold. Upon completion of the arrangement, existing holders of Grenville will own 67% of the combined company and LOGiQ shareholders will own approximately 33%.
Completion of the arrangement, which is expected to occur on or about June 7, 2018, is subject to a number of conditions precedent, including approval from the Supreme Court of British Columbia and satisfaction of other customary closing conditions.
About Grenville
Based in Toronto, Grenville Strategic Royalty Corp. makes growth-oriented investments in established businesses with revenues of up to $50 million. Grenville generates revenues from royalty payments, buyouts from contracts and equity returns. The royalty financing structure offered by Grenville competes directly with traditional equity to meet the long-term financing needs of companies on more attractive commercial terms.
Cautionary Statement
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are 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 projected in the forward-looking statements including: future operating results and funding requirements; the ability to achieve synergies; future general economic and market conditions; and changes in laws and regulations. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Grenville does not undertake to update any forward-looking information contained herein, except as required by applicable securities laws. There are a number of conditions precedent to the completion of the arrangement and there can be no assurance that such conditions precedent will be satisfied and that the arrangement will be completed.
Neither 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.
For further information, please contact:
Grenville Strategic Royalty Corp.:
Donnacha Rahill
Chief Financial Officer
Tel: (416) 477-2601
