TORONTO, October 8, 2019 – Flow Capital Corp. (TSXV: FW) (“Flow Capital” or the “Company”) announced today the preliminary results of its substantial issuer bid (the “Offer”) to repurchase for cancellation of up to $4 million of its common shares (the “Shares”) by way of a modified Dutch auction from holders of such Shares (“Shareholders”). The modified Dutch auction allowed Shareholders who chose to participate in the Offer to individually select the price, within a range of not less than $0.15 per Common Share and not more than $0.20 per Common Share (in increments of $0.01 per Common Share). The Offer expired at 5:00 p.m. (Eastern Time) on October 7, 2019.
Based on the preliminary count by Computershare Trust Company of Canada, a total of 5,708,090 Shares were properly tendered and not properly withdrawn, at the purchase price of $0.20 or lower. In accordance with the terms of the Offer, the Company expects to take up and purchase for cancellation all of the 5,708,090 Shares, at $0.20, for an aggregate purchase price of $1,141,618. The Shares expected to be purchased under the Offer represent approximately 6.84% of the issued and outstanding Shares at the time that the Offer was commenced. Following the expected cancellation, the company will have 77,694,674 Shares outstanding.
The full details of the Offer are described in the Company’s offer to purchase and issuer bid circular dated August 29, 2019, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which are available on SEDAR under the Company’s profile at www.sedar.com.
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any Common Shares.
About Flow Capital
Flow Capital Corp. is a diversified alternative asset investor and advisor, specializing in providing minimally dilutive capital to emerging growth businesses. To apply for financing, visit www.flowcap.com.
For further information, please contact:
Flow Capital Corp.
Alex Baluta
Chief Executive Officer
alex@flowcap.com
1 Adelaide Street East, Suite 3002,
Toronto, Ontario M5C 2V9
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.
