TORONTO, Aug. 29, 2018 /CNW/ - Canaccord Genuity
Acquisition Corp. (TSX: CGAC.UN, CGAC.WT) (the
"Corporation") today announced that based on proxies
received to date, shareholders have given strong support for its
qualifying acquisition (the "Qualifying Acquisition"),
pursuant to which it will merge with Spark Power Corp. ("Spark
Power"). As a result of the Qualifying Acquisition, Spark Power
will become a wholly-owned subsidiary of the Corporation.
The Corporation has to date received proxies representing
approximately 49% of its issued and outstanding Class A Restricted
Voting Shares and Class B Shares, with over 99% of the votes cast
in favour of approving the Qualifying Acquisition.
No holders of the Corporation's Class A Restricted Voting Units
have elected to redeem their units. As such, all Class A Restricted
Voting Shares underlying the Class A Restricted Voting Units will
be converted into Common Shares on closing of the Qualifying
Acquisition.
The shareholder meeting to vote on the approval of the
Qualifying Acquisition will be held on August 31, 2018 and the Qualifying Acquisition is
scheduled to close later that day, subject to the satisfaction of
certain conditions as set out in the purchase agreement for the
Qualifying Acquisition.
The final long form non-offering prospectus and the management
information circular in respect of the Qualifying Acquisition are
available under the Corporation's profile on SEDAR at
www.sedar.com.
Goodmans LLP is acting as legal counsel to the Corporation.
Miller Thomson LLP is acting as legal counsel to Spark Power.
About Canaccord Genuity Acquisition Corp.
CGAC is a special purpose acquisition corporation incorporated
under the laws of the Province of Ontario for the purpose of effecting an
acquisition of one or more businesses or assets, by way of a
merger, amalgamation, arrangement, share exchange, asset
acquisition, share purchase, reorganization, or any other similar
business combination involving CGAC.
About Spark Power Corp.
Spark Power is a leading independent electrical power services
and solutions company serving more than 6,500 industrial,
commercial, institutional, renewable and agricultural customers, as
well as utility markets including municipalities, universities,
schools and hospitals across Ontario, with operations expanding across
North America. For more
information, visit us at www.sparkpower.ca.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward‐looking
statements (within the meaning of applicable securities laws) which
reflect the Corporation's current expectations regarding future
events. Forward-looking statements are identified by words such as
"believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may", "estimate" and other similar expressions.
These statements are based on the Corporation's expectations,
estimates, forecasts and projections and include, without
limitation, statements regarding the availability of capital and
voting support for the Qualifying Acquisition.
The forward-looking statements in this news release are based
on certain assumptions, including without limitation the completion
of the Qualifying Acquisition and that proxies submitted to date
will not be withdrawn or changed. The forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements, including, but
not limited to, the risk that the Qualifying Acquisition may not be
completed as planned. Readers, therefore, should not place undue
reliance on any such forward-looking statements. Further, these
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law, the
Corporation assumes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE Canaccord Genuity Acquisition Corp.