TORONTO, Aug. 30, 2016 /CNW/ - Callidus Capital Corporation (TSX:CBL) ("Callidus" or the "Corporation") announced today that upon the terms and subject to the conditions of its substantial issuer bid (the "Offer"), Callidus has taken up and accepted for payment 781,643 common shares ("Shares") that were validly deposited to the Offer as of August 30, 2016. The outstanding Offer is currently scheduled to expire at 5:00 p.m. (Toronto time) on September 30, 2016, unless further extended or withdrawn by the Corporation.
As previously announced by Callidus, the Corporation has increased the purchase price under its Offer to $16.50 per Share from $16.10 per Share. Callidus will pay an additional $0.40 per Share (the amount of the increase over the previous purchase price) to all shareholders who have previously tendered their Shares, including those that have already been taken up and paid for by Callidus. Under the revised Offer, the aggregate maximum purchase price payable by Callidus is Cdn $58,928,562.
Callidus will mail a notice of variation to its shareholders, setting out the new terms of the Offer.
This press release is for information purposes only and is not an offer to buy or the solicitation of an offer to sell any Shares.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the borrower's assets, its enterprise value and borrowing needs. Callidus employs a proprietary system of monitoring collateral and exercising control over the cash inflow and outflows of each borrower, enabling Callidus to very effectively manage any risk of loss. Further information is available on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation
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