VEGREVILLE, AB, Oct. 22, 2018 /CNW/ - TerraVest Industries Inc.
("TerraVest" or the "Company") (TSX: TVK)
today announced the results of its substantial issuer bid dated
September 11, 2018 (the
"Offer") to purchase for cancellation up to 450,000 of its
outstanding common shares (the "Shares") at a purchase price
of $11.00 per Share, as well as to
purchase for cancellation up to $1,000,000.00 aggregate principal amount of the
issued and outstanding 7.0% convertible unsecured subordinated
debentures due June 20, 2020 (the
"Debentures") at a purchase price of $1,333.33 per $1,000.00 principal amount of Debentures (or such
greater amount of Shares and Debentures that the Company determines
it will take up and pay for).
The Offer expired at 5:00 p.m.
(Toronto Time) on October 19, 2018.
Based on the final report provided by the depositary for the Offer,
a total of 619,907 Shares and $5,637,000 principal amount of Debentures have
been deposited at the expiration of the Offer. As the Offer was
oversubscribed, TerraVest intends to take up, on a prorated basis,
619,907 Shares and $2,500,000
principal amount of Debentures deposited pursuant to the Offer in
accordance with applicable securities laws and as set forth in the
Offer documents. Shareholders will have approximately 100% of their
deposited Shares purchased by TerraVest and Debentureholders will
have approximately 44.35% of their deposited Debentures purchased
by TerraVest.
The total purchase price for the Shares deposited under the
Offer will be approximately $6,818,977 and $3,333,325 for the Debentures deposited under the
Offer, and will be funded with cash on hand. Payment for the Shares
and Debentures deposited and accepted for purchase will be made as
soon as practicable in accordance with the Offer.
Following the purchase and cancellation of the 619,907 Shares
and $2,500,000 principal amount of
Debentures deposited under the Offer, TerraVest will have
17,033,224 Shares and $13,775,000
aggregate principal amount of Debentures outstanding.
Forward-Looking Statements
This press release may contain or refer to certain
forward-looking statements relating, but not limited to,
TerraVest's expectations, intentions, plans and beliefs with
respect to TerraVest. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "does not expect", "is expected", "budget", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or equivalents or variations, including negative
variations, of such words and phrases, or state that certain
actions, events or results, "may", "could", "would", "should",
"might" or "will" be taken, occur or be achieved. These
forward-looking statements include, but are not limited to,
statements regarding: the Company's intention to commence the
Offer; the expected terms and conditions of the Offer; the
completion of the Offer; and a liquid market existing following
completion of the Offer.
Forward-looking statements rely on certain underlying
assumptions that, if not realized, can result in such
forward-looking statements not being achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause the actual results of TerraVest to be
materially different from the historical results or from any future
results expressed or implied by such forward-looking statements.
Risks and uncertainties include, among others, the Company's
investment strategy, legal and regulatory risks, general market
risk, potential lack of diversification in the Company's
investments and interest rates and foreign currency fluctuations.
Although TerraVest has attempted to identify important factors that
could cause actual actions, events or results or cause actions,
events or results not to be estimated or intended, there can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Other than as required by
applicable Canadian securities laws, TerraVest does not update or
revise any such forward-looking statements to reflect events or
circumstances after the date of this document or to reflect the
occurrence of unanticipated events. Accordingly, readers should not
place undue reliance on forward-looking statements.
SOURCE TerraVest Industries Inc.