(TSXV-PGV)
TORONTO, Jan. 23,
2023 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV)
("Prodigy" or the "Company") today announced that it has called a
special meeting of shareholders to be held at 1:00 p.m. (Toronto time) on March
8, 2023 (the "Meeting"). At the Meeting, Shareholders will
be asked to consider and, if thought advisable, pass a special
resolution authorizing and approving a reduction of the stated
capital account of the Company's common shares (the "Stated Capital
Reduction Resolution") for the purposes of effecting a return of
capital to shareholders.
The Stated Capital Reduction is being proposed in connection
with a potential distribution to be made by the Company in the
amount of $0.041 per share to be paid
from the net proceeds of the consideration received from the sale
of TCB Corporation (see press release dated January 18, 2023). Further details
regarding the potential distribution and the approval being sought
will be set forth in the meeting materials to be provided to
shareholders in early February and filed on www.sedar.com at
the same time.
If the Stated Capital Reduction Resolution is approved the board
of directors will then make a determination with respect to
proceeding with the proposed distribution and the amount
thereof. No determination has yet been made as to whether to
pay this distribution, the amount of the distribution or the record
date for the distribution and as such there is no assurance that
such distribution will be declared in the amount currently proposed
or at all or the timing thereof.
Assuming that the Stated Capital Reduction Resolution is
approved the Company will then issue a further press release with
details of any distribution if, as and when approved by the board
of directors.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company provides
leading edge platforms, including IDVerifact™ for
digital identity, and tunl.™ for open banking and
customer chat support, coupled with seamless integration of our
partners best-of-breed Fintech platforms.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes
forward-looking information. Forward looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe" and similar
expressions. Such forward looking information includes references
to the proposed distribution/return of capital and the amount
thereof. Although the Company believes that the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, and that information obtained from third
party sources is reliable, they can give no assurance that those
expectations will prove to have been correct. The assumptions on
which the foregoing statements are based include a review of the
cash needs of the Company and the receipt of all approvals
necessary to reduce the stated capital. Readers are cautioned not
to place undue reliance on forward-looking statements included in
this document, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking
statements are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties that contribute to the possibility that the
predictions, forecasts, projections and other forward-looking
statements will not occur, which may cause actual results in future
periods to differ materially from any estimates or projections of
future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, risk factors set forth in the Company's
Management's Discussion and Analysis for the three and nine months
ended September 30, 2022, a copy of
which is filed on SEDAR at www.sedar.com. Readers are cautioned
that this list of risk factors should not be construed as
exhaustive. These statements are made as at the date hereof and
unless otherwise required by law, the Company does not intend, or
assume any obligation, to update these forward-looking
statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Prodigy Ventures Inc.
