VANCOUVER, June 12, 2015 /CNW/ - This press release is being disseminated by Nicola Holdings Ltd. (the "Company") at the address of 350 – 887 Great Northern Way, Vancouver, BC V5T 4T5 as required by National Instrument 62-103 – The Early Warning System and Related Take Over Bids and Insider Reporting Issues.
On June 10, 2015, Hit Technologies Inc. (formerly Friday Capital Inc. and referred to hereinafter as the "Issuer") completed a business combination (the "Business Combination") by way of a three-cornered amalgamation pursuant to which (i) 1030937 B.C. Ltd., a wholly-owned subsidiary of the Issuer, and a company formerly known as Hit Technologies Inc. (the "Acquiror") amalgamated and became a wholly-owned subsidiary of the Issuer and (ii) the shareholders of the Acquiror were issued one common share ("Common Share") of the Issuer (with a deemed issue price of CDN$0.60 per Common Share) for each standard A share ("Acquiror Share") of the Acquiror held. The Business Combination constituted a qualifying transaction under the policies of the TSX Venture Exchange.
Immediately prior to the completion of the Business Combination, the Company, a holding company of Ian R. Wilkinson, owned an aggregate of 8,999,999 Acquiror Shares. Following completion of the Business Combination, the Company owns an aggregate of 8,999,999 Common Shares, which represent approximately 21.0% of the issued and outstanding Common Shares.
The Company may increase or decrease its ownership interest in the Issuer's securities depending upon future market conditions. The Company has relied on the exemption from the prospectus requirement under securities legislation provided in Section 2.11 of National Instrument 45-106 – Prospectus Exemptions.
An early warning report in respect of the above transaction will be filed with the relevant Canadian securities regulatory authorities. A copy of such report may be obtained from SEDAR at www.sedar.com or by contacting Ian R. Wilkinson, President of Nicola Holdings Ltd. at (604) 605-1800, ext. 110.
SOURCE Nicola Holdings Ltd.
For further information: Ian R. Wilkinson, President of Nicola Holdings Ltd. at (604) 605-1800, ext. 110