Medwell Capital Announces Approval of Share Consolidation and Private Placement
EDMONTON, Sept. 6, 2012 /CNW/ - Medwell Capital Corp. ("Medwell" or the "Company") (TSXV: MWC) today announced that shareholders approved all five resolutions put forth at the Annual and Special Meeting of Shareholders with greater than 95% supporting each resolution.
Shareholders supported setting the number of directors of the Company at five and also elected the Company's nominees for director: Kevin A. Giese, Laine M. Woollard, Dr. John Wetherell, Gordon Politeski and Will Sawchyn.
Shareholders voted to re-appoint PricewaterhouseCoopers LLP as the Company's auditor, and authorized the directors to fix the remuneration of the auditor.
Shareholders also voted in favour of the share consolidation and the private placement. Approval of the consolidation of one post-consolidation common share for every 20 pre-consolidation common shares was a condition for the private placement and was approved with voting support of 97.82%.
The transaction is expected to close on or around September 28, 2012.
"Today Medwell begins its reorganization into a limited partnership," said Kevin Giese, President and CEO of Medwell. "This structure will allow us greater flexibility regarding investment ideas and working capital to execute on current mandates, as we begin to look for new investment and advisory opportunities for the company."
About Medwell Capital Corp.
Medwell Capital Corp. is a Canadian-based investment and advisory firm. For further information please visit www.medwellcapital.com.
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.
This press release may contain forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Corporation's ongoing quarterly and annual reporting. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Medwell Capital Corp.For further information:
Medwell Capital Corp.