TORONTO, Dec. 23, 2021 /CNW/ - Crown Capital Partners
Inc. ("Crown" or the "Corporation") (TSX: CRWN), a capital partner
to entrepreneurs and growth businesses, today announced the
final results of its "modified Dutch auction" substantial issuer
bid to purchase for cancellation up to $10,000,000 in value of its outstanding common
shares ("Shares") from shareholders for cash (the "Offer"). The
Offer expired at 5:00 p.m. Eastern
time on December 22, 2021.
In total, 2,599,183 shares were tendered at prices ranging from
$6.50 per Share to $7.50 per Share. In accordance with the
terms and conditions of the Offer, the Corporation will take up and
pay for 1,333,333 Shares at a purchase price of $7.50 per Share, for an aggregate cost of
$10,000,000, excluding fees and
expenses relating to the Offer. As the Offer was
oversubscribed, other than Odd Lot Shareholders who will be fully
redeemed, Shareholders will be redeemed approximately 51% of their
tendered amount.
The Shares purchased for cancellation under the Offer represent
approximately 15.8% of the Shares issued and outstanding before
giving effect to the Offer. After giving effect to the Offer,
7,093,102 Shares remain outstanding.
The Corporation will make payment for the Shares tendered and
accepted for purchase by tendering the aggregate purchase price to
TSX Trust Company, the depositary for the Offer (the "Depositary"),
in accordance with the Offer and applicable laws and payment to the
shareholders will be effected by the Depositary. Payment for Shares
will be made in cash, without interest. Any Shares invalidly
tendered or tendered and not purchased will be returned to the
tendering shareholder promptly by the Depositary.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown
Capital Partners is a leading specialty finance company currently
operating in the alternative corporate finance, distributed power
and telecommunications infrastructure markets. We focus on
alternative asset classes that require a specialized capital
partner, and we aim to create long-term value by acting as both a
manager of investment funds for institutional partners and as a
direct investor in operating businesses serving these markets. For
additional information, please visit crowncapital.ca.
SOURCE Crown Capital Partners Inc.