CALGARY, AB, March 8, 2022 /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 substantial issuer bid to purchase for
cancellation up to 1,330,000 of its outstanding common shares
("Shares") at a price of $7.50 per
Share (the "Purchase Price") from shareholders for an aggregate
purchase price not to exceed $9,975,000 (the "Offer"). The Offer expired at
5:00 p.m. Eastern time on
March 7, 2022.
In total, 1,983,655 Shares were tendered to the Offering. In
accordance with the terms and conditions of the Offer, the
Corporation has taken up and paid for 1,330,000 Shares at the
Purchase Price, for an aggregate cost of $9,975,000, excluding fees and expenses relating
to the Offer. As the Offer was oversubscribed, other than odd lot
shareholders of the Corporation who will be fully redeemed,
shareholders of the Corporation will be redeemed approximately 67%
of their tendered amount.
The Shares purchased for cancellation under the Offer represent
approximately 18.8% of the Shares issued and outstanding before
giving effect to the Offer. After giving effect to the Offer,
5,763,102 Shares remain outstanding.
The Corporation has made 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.