(TSXV-PGV)
TORONTO, March 8,
2023 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV)
("Prodigy" or the "Company") today announced that the Board of
Directors (the "Board") has approved a one-time return of capital
of Cdn$0.041103 per share (the
"Return of Capital") for holders of record of common shares of the
Company ("Common Shares") on March 16,
2023 (the "Record Date") and payable in cash on March 22, 2023 (the "Payment Date").
In connection with the Return of Capital, the Board confirmed a
reduction in the stated capital of the Common Shares by an
aggregate amount equal to Cdn$$5,930,658 (the "Stated Capital
Reduction"), which Stated Capital Reduction was previously approved
by holders of Common Shares at a special meeting held on
March 8, 2023.
Subject to confirmation from the TSX Venture Exchange, Prodigy
expects the Common Shares to commence trading on a "due bill" basis
at the opening of trading on March 15,
2023 and to commence trading "ex-distribution" on
March 23, 2023. The due bill
redemption date will be March 24,
2023.
About Due Bill Trading
Due bills represent entitlements to cash and will attach to the
Common Shares between the first trading day prior to the Record
Date and the Payment Date, allowing Common Shares to carry the
value of the entitlement to the distribution until it is paid. When
due bills are used, the ex-distribution date is deferred to the
first trading day after the Payment Date.
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. Our services business,
Prodigy Labs™, which is the business being sold,
provides technology services for digital transformation. Digital
transformation services include strategy, architecture, design,
project management, agile development, quality engineering and
staff augmentation. Prodigy has been recognized as one of
Canada's fastest growing companies
with multiple awards.
Forward-Looking Statements
This press release includes forward-looking statements
regarding Prodigy and its business. Such statements are based on
the current expectations and views of future events of Prodigy's
management. In some cases the forward-looking statements can be
identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the distribution, including the expected per
share amounts of the Return of Capital, the expected timing of the
distribution and the use of due bills. 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. 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.
The per share amounts of the Return of Capital disclosed in
this press release are based on the number of Common Shares
outstanding as of close of business on March
8, 2023, being 144,287,403 Common Shares. The actual per
share amount of the Return of Capital will be based on the number
of Common Shares issued and outstanding as of close of business on
the Record Date.
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.