TORONTO, ONTARIO -- (Marketwired) -- 02/20/14 -- The following corrects and replaces the release sent at 3:21 PM ET on February 20. The calculation of the return of capital to shareholders has been corrected from $0.492 per share to $0.0492 per share. The complete and corrected release follows.
Sparcap One Ltd. (the "Company") (TSX VENTURE: SON.P), a capital pool company, announces a payment to distribute the net cash of the Company to its shareholders as a return of capital and a special meeting to request shareholder approval for the dissolution of the Company.
In accordance with the previously announced decision of the Board of Directors of the Company, effective January 22, 2014 the common shares of the Company ("Common Shares") were delisted from the TSX Venture Exchange and all of the 5,000,000 Common Shares issued as seed shares to the directors were cancelled. Following the cancellation of the seed shares, the Company now has 4,470,000 issued and outstanding Common Shares. After making a reserve for future liabilities of the Company, the net cash available for distribution to the remaining shareholders of the Company holding 4,470,000 Common Shares is estimated to be $220,000 or $0.0492 per share. The Company announces that a return of capital of $0.0492 per share will be paid on February 28, 2014 to shareholders of record at February 21, 2014.
The Company also announces the holding of a special meeting of shareholders at 10:00 a.m. on April 17, 2014 at Beard Winter LLP, 130 Adelaide St. W., Suite 701, Toronto, Ontario. The purpose of the special meeting is to consider a special resolution of the shareholders approving the dissolution of the Company. Notice of this meeting and the meeting materials will be issued in due course.
Neither the 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.
Forward-Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
Contacts:
Sparcap One Ltd.
Kobi Dorenbush
Chief Executive Officer
(416) 619-9316
Sparcap One Ltd.
Kelly Ehler
Director
(905) 946-8444
