Cashion Acquires Additional Shares of Vitreous Glass Inc.
January 06 2011 - 2:32PM
Marketwired Canada
J. Patrick Cashion of Calgary, Alberta, President and a Director of Vitreous
Glass Inc., ("Vitreous") (TSX VENTURE:VCI) announces that, pursuant to a share
purchase agreement dated January 6, 2011 (the "Agreement"), Mr. Cashion, his
spouse and a corporation owned by them ("Holdco") have acquired direct or
beneficial ownership of 75,000 common shares in the capital of Vitreous ("Common
Shares") and have agreed to purchase a further 150,000 Common Shares in two
further instalments over the next two years, resulting in an aggregate of
225,000 Common Shares being acquired directly or beneficially by Mr. Cashion,
his spouse and Holdco. Pursuant to the Agreement Holdco also acquired voting
rights to a further 75,000 Common Shares acquired by a third party and will
acquire voting rights to a further 150,000 Common Shares to be acquired by a
third party in two further instalments over the next two years.
The Common Shares were purchased in a private transaction from Irv Thomas
Investments Ltd., a corporation owned by H. Irvin Thomas, Chairman and a
director of Vitreous, at a price of $1.75 per Common Share. Irv Thomas
Investments which had previously granted Mr. Cashion an option to purchase all
of its Common Shares upon the death of Mr. Thomas (the "Option"). After
completion of the purchases under the Agreement, the number of Common Shares
held by Irv Thomas Investments Ltd. which are available to Mr. Cashion pursuant
to the Option will be 650,000.
Mr. Cashion, his spouse and Holdco currently hold a total of 1,737,200 Common
Shares representing 28.9% of the currently issued and outstanding Common Shares
of Vitreous. Mr. Cashion, his spouse and Holdco have agreed to acquire a further
150,000 Common Shares over the next 2 years pursuant to the Agreement and Mr.
Cashion holds stock options exercisable until December 21, 2011 to acquire an
additional 150,000 Common Shares. Upon acquisition of the additional shares and
the exercise of the stock options, the total shareholdings of Mr. Cashion, his
spouse and Holdco would total 2,037,200, or 33.1% of the outstanding Common
Share of Vitreous on a fully diluted basis.
If Mr. Cashion were to exercise the option from Irv Thomas Investments Ltd. and
his stock options from Vitreous, he, together with his spouse and Holdco, would
hold a total of 2,687,200 shares in Vitreous, representing 43.6% of the
6,158,667 shares which would be outstanding on a fully diluted basis and would
have voting rights for a further 225,000 Common Shares, representing an
additional 3.6%.
Mr. Cashion acquired the securities for investment purposes and may, in the
future, acquire ownership of, or control or direction over, additional
securities of Vitreous, but has no present intention to do so.
A copy of the early warning report in respect of these acquisitions to be filed
with the applicable securities commissions can be found at www.sedar.com.
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