MONTREAL, March 18, 2016 /CNW Telbec/ – OneCap Investment Corporation (TSXV: OIC.H) (“OneCap“), a capital pool company as defined under Policy 2.4 â Capital Pool Companies of the TSX Venture Exchange (the “Exchange“) announced on December 8, 2015 that pursuant to a joint statement of intention executed by all the shareholders of 8432155 Canada Inc. (“Canada Inc.“) in favor of OneCap on January 28, 2014 (the “Joint Statement“), Canada Inc. has reimbursed OneCap, on November 11, 2015, an amount of $296,730, being all the costs paid by OneCap with respect to the MTS Data Centre Project.
The above amount was debated as to whether it reflected the intent of the Joint Statement.
Following discussions and unanimous agreement of all Board Members of OneCap and the Shareholders of Canada Inc., it was agreed to provide an interpretation of the Joint Statement which allowed for an additional contribution of Canada Inc. to OneCap and therefore an additional amount of $375,000 was remitted to OneCap on February 19, 2016, bringing available liquidity of OneCap to $850,000.
OneCap is committed to securing a new qualifying transaction within the next 18 months.
OneCap held its Annual Shareholders Meeting on February 11, 2016 and all the members of the Board of Directors were reelected.
Trading on the common shares of OneCap shall resume once all of the Exchange’s requirements have been met.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Caution Concerning Forward-Looking Statements
This press release may contain forward-looking statements with respect to OneCap. These statements generally can be identified by use of forward looking words such as “projected to”, “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of OneCap could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by OneCap with the securities regulators in Canada. The cautionary statements qualify all forward looking statements attributable to OneCap and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
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.
SOURCE OneCap Investment Corporation