OTTAWA, March 27, 2013 /CNW/ - Wesley Clover International Corporation
("WCIC"), of 390 March Road, Suite 110, Ottawa, Ontario, announces that
in connection with the closing of the Qualifying Transaction of Magor
Corporation (formerly Biovest Corp. I) ("Magor") (TSXV: MCC) on March
11, 2013, WCIC acquired ownership of 13,325,625 common shares of Magor.
Following the completion of Magor's Qualifying Transaction and
concurrent prospectus offering, WCIC holds approximately 29.06% of the
issued and outstanding common shares of Magor.
In addition to the aforementioned common shares, in connection with the
completion of Magor's Qualifying Transaction, WCIC has also acquired
275,000 Class A shares in the capital of Magor (which Class A shares
automatically convert into Magor common shares in accordance with the
Class A share provisions) and 227,723 warrants for the purchase of
common shares in the capital of Magor. Upon conversion of WCIC's Class
A shares into Magor common shares and upon exercise of WCIC's common
share purchase warrants, WCIC shall own and control approximately
30.16% of Magor's presently issued and outstanding common shares.
WCIC acquired the securities for investment purposes. WCIC may in the
future take such actions in respect of its holdings as it may deem
appropriate in light of the circumstances then existing, including
acquiring ownership or control over additional common shares or other
securities of Magor or the disposition of all or a portion of its
holdings in open market or in privately negotiated transactions.
The acquisition of the 13,325,625 common shares, 275,000 Class A shares
and 227,723 warrants was carried out in accordance with and in reliance
on the "Business combination and reorganization" exemption in section
2.11 of National Instrument 45-106 - Prospectus and Registration Exemptions which has been adopted by the securities regulatory authorities in all
Provinces of Canada and which exempts the transfer and issue of such
securities from the prospectus requirements of applicable securities
A copy of the early warning report in respect of this transaction has
been filed with the applicable securities commissions and can be found
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: Wesley Clover International
For further information:
Wesley Clover International Corporation
390 March Road, Suite 110
Ottawa Ontario K2K 0G7