VANCOUVER, Feb. 24, 2020 /CNW/ – Belkorp Industries Inc. (“Belkorp“) is pleased to announce that it has today acquired 7,500,000 common shares (the “Purchased Shares“) of Founders Advantage Capital Corp. (TSX-V: FCF) (“Founders Advantage“) at a purchase price of $1.75 per Purchased Share, for an aggregate purchase price of $13.125 million.
Immediately prior to the acquisition of the Purchased Shares, Belkorp did not own any securities of Founders Advantage. With the acquisition of the Purchased Shares, Belkorp holds approximately 19.6% of the issued and outstanding common shares of Founders Advantage (on a non-diluted basis).
The Purchased Shares were acquired in open-market purchases through the facilities of the TSX Venture Exchange, facilitated by a Canadian broker-dealer, as agent for Belkorp, and were acquired for investment purposes. Belkorp has a long-term view of the investment and does not intend at this time to acquire any additional common shares of Founders Advantage, or dispose of any of the Purchased Shares, but may in the future increase or decrease its shareholding in Founders Advantage, depending on market conditions, reformulation of plans and/or other relevant factors.
SOURCE Belkorp Industries Inc.
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