TORONTO, Oct. 28, 2015 /CNW/ - Genterra Capital Inc. (GIC – TSX-V) ("Genterra") and Gencan Capital Inc. ("Gencan") are pleased to announce the successful completion of the previously announced plan of arrangement (the "Arrangement") involving Genterra and Gencan (formerly known as Genterra Energy Inc.), whereby the Genterra common shares held by its shareholders, other than "interested parties", were exchanged for cash and, subject to the number of Genterra common shares held, common shares of Gencan. As a result, Gencan has been spun-off as a public company and Genterra has become wholly-owned, directly and indirectly, by its current control group comprised of its Chairman, Fred A. Litwin, and members of his family.
In accordance with the provisions of letters of transmittal previously provided to shareholders of Genterra, cash payment and, for holders of 500 or more common shares of Genterra, share certificates for shares of Gencan are now issuable to shareholders against exchange with Computershare, at its principal transfer agency in Toronto, of their certificates representing shares of Genterra.
The common shares of Gencan will commence trading under the stock symbol "GCA", at the commencement of trading on the Canadian Securities Exchange on October 30, 2015.The common shares of Genterra will be delisted from The TSX Venture Exchange effective at the open of trading on October 30, 2015.
About Gencan Capital Inc. (formerly Genterra Energy Inc.)
Gencan Capital is currently a wholly-owned subsidiary of Genterra and conducts Genterra's solar energy operations. Gencan Capital's primary asset is its significant interest in a Renewable Power Solar Rooftop Photovoltaic System. Since August 2014, Gencan Capital has engaged in the business of solar energy generation and installation of solar energy generation equipment under a Feed-In-Tariff Contract with the Ontario Power Authority.
About Genterra Capital Inc.
Genterra Capital Inc. is a Canadian management holding company operating in Canada with interests in rental real estate properties and solar energy generation equipment located in Ontario, Canada. The Company also invests a portion of its surplus cash on hand in marketable securities and notes receivable.
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 Genterra Capital Inc.
For further information: Genterra Capital Inc. and Gencan Capital Inc., 106 Avenue Road, Toronto, Ontario, M5R 2H3, Attention: Stan Abramowitz, Secretary, Phone: (416) 920-0500 Ext. 227