VANCOUVER, Oct. 29, 2018 /CNW/ - Russell Industries Corp.
("Russell Industries"), a private company wholly-owned by
Daniel J. Russell
("Russell"), announces today that on October 26, 2018 it and Russell acquired
ownership of 4,431,300 common shares (the "Purchased
Shares") in the capital of Synex International Inc. (the
"Issuer"), representing approximately 11.52% of the issued
and outstanding common shares (the "Common Shares") in the
capital of the Issuer (the "Acquisition").
3,700,000 of the Purchased Shares were acquired by Russell
Industries pursuant to a private agreement for $0.46 per Purchased Share in cash, for an
aggregate amount equal to C$1,702,000. An additional 240,300 Purchased
Shares were acquired by Russell Industries through normal course
purchases through the facilities of the Toronto Stock Exchange as
follows, for an aggregate amount equal to C$108,258.50: (a) 5,300 Purchased Shares were
purchased for $0.445 per Purchased
Share for an aggregate amount equal to C$2,358.50; (b) 215,000 Purchased Shares were
purchased for $0.45 per Purchased
Share for an aggregate amount equal to C$96,750; (c) 10,000 Purchased Shares were
purchased for $0.455 per Purchased Share for an aggregate amount
equal to C$4,550; and (d) 10,000 Purchased Shares were purchased
for $0.46 per Purchased Share for an aggregate amount equal to
C$4,600. An additional 491,000 Purchased Shares were acquired
by Russell through normal course purchases through the facilities
of the Toronto Stock Exchange as follows, for an aggregate amount
equal to C$22,717.50: (a) 46,500 Purchased Shares were purchased
for $0.445 per Purchased Share for an aggregate amount equal to
C$20,692.50; and (b) 444,500 Purchased Shares were purchased for
$0.45 per Purchased Share for an aggregate amount equal to
C$200,025.
Russell, Russell Industries, Tanya
DeAngelis, Russell Family Holdings Inc. and Joan Arietta Russell may be considered joint
actors (the "Concerned Shareholders") as a result of such
shareholders having an agreement, commitment or understanding to
exercise jointly voting rights in connection with their Common
Shares. Prior to the Acquisition, the Concerned Shareholders owned
an aggregate of 16,061,000 Common Shares, representing
approximately 41.74% of issued and outstanding Common Shares. After
the Acquisition, the Concerned Shareholders own an aggregate of
20,492,300 Common Shares, representing approximately 53.26% of the
issued and outstanding Common Shares.
Russell Industries and any joint actors intend to effect a
change in the board of directors and management of the Issuer.
This press release is being issued pursuant to National
Instrument 62-103 – The Early Warning
System and Related Take-Over Bid and Insider Reporting Issues
which requires a report to be filed under the Issuer's profile on
SEDAR (www.sedar.com) containing additional information respecting
the foregoing matters.
The Issuer's head office is located at 400 - 1444 Alberni
Street, Vancouver, British
Columbia, Canada, V6G 2Z4. For inquiries or a copy of
the related early warning report required under Canadian securities
legislation, a copy of which will be filed on www.sedar.com in
accordance with applicable securities legislation, please
contact:
SOURCE Daniel Russell