OneCap Investment Corporation acquires an option to purchase an industrial building in Montréal and gives an option to participate up to 50% in its Qualifying Transaction to a Québec based institutional fund
MONTREAL, Jan. 25, 2013 /CNW Telbec/ - OneCap Investment Corporation, a Capital Pool Company ("OneCap") (TSXV: OIC.P), is pleased to announce that:
|(i)||On July 26, 2012, OneCap Financial Corp. ("Financial"), a corporation controlled by Mr. Daniel Dorey President and Chief Executive Officer of OneCap, made an offer to a third party to purchase an industrial building with great data center potential located in the city of Montreal (the "Property"). Such offer was accepted on August 9, 2012 (the "Offer to Purchase");|
|(ii)||The Offer to Purchase was amended on October 5, 2012 to provide for a $50,000 non-refundable option fee (the "Deposit") but applicable against the purchase price of $3,330,000 (the "Purchase Price"); and|
|(iii)||On October 11, 2012, Financial assigned its rights in the Offer to Purchase to OneCap, for a consideration of $1.00 and payment of the out of pocket expenses incurred by Financial. OneCap assumed its $25,000 share of the Deposit.|
Terms not otherwise defined herein will have the meanings set out in the Corporate Finance Manual of the TSX Venture Exchange (the "Exchange").
OneCap intends to proceed with the acquisition of the Property which would constitute the Qualifying Transaction of OneCap in accordance with the policies of the Exchange, subject to the prior acceptance of the Exchange and the fulfilment of specific conditions, such as the execution of a lease with a suitable tenant. The Property must be improved in order to meet the technical requirements of the tenants.
On October 11, 2012, OneCap recognized an option to a Québec based institutional fund pursuant to a letter of intent between Financial and said Québec based institutional fund dated June 6, 2012 (the "Letter of Intent") to take a 50% interest in its Qualifying Transaction in consideration for the payment of a $25,000 share of the Deposit. The Letter of Intent was assigned by Financial to OneCap on October 11, 2012.
Further information on the proposed transaction will be provided as available.
Upon completion of the Qualifying Transaction, the resulting issuer is expected to meet the minimum listing requirements of the Exchange for issuers in the real estate sector.
The current directors of OneCap, Messrs. Daniel Dorey, Pierre Albert Jean, Pierre Bonin, Pierre Setlakwe, Jean Desmarais and Jean-Guy Lambert, will be insiders of the Resulting Issuer.
The final prospectus of OneCap dated July 12, 2012 is available on the SEDAR website at www.sedar.com.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Caution Concerning Forward-Looking Statements
This press release may contain forward-looking statements with respect to OneCap. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of OneCap could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by OneCap with the securities regulators in Canada. The cautionary statements qualify all forward looking statements attributable to OneCap and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
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: OneCap Investment CorporationFor further information:
Mr. Daniel Dorey
President and Chief Executive Officer