VANCOUVER, Feb. 25, 2013 /CNW/ - Indigo Sky Capital Corp. (IDS.P: TSX-V) (the "Company") successfully completed its qualifying transaction (the "Qualifying Transaction") with Gatekeeper Systems Inc. ("Gatekeeper") on February 19, 2013, as previously announced in news releases dated
April 15, 2011; April 11, 2012; January 25, 2013 and February 19, 2013.
Reference is made to the amended and restated filing statement of the
Company dated January 15, 2013 (the "Filing Statement") which was prepared in accordance with the requirements of the TSX
Venture Exchange (the "Exchange") and filed on SEDAR at www.sedar.com.
Pursuant to the Qualifying Transaction, the Company acquired all of the
issued and outstanding common shares of Gatekeeper (the "Gatekeeper Shares"), whereby former Gatekeeper shareholders received one common share of
the Company for each Gatekeeper Share held (the "Acquisition"). The outstanding common share purchase warrants of Gatekeeper were
also exchanged for common share purchase warrants of the Company on a
1:1 basis. The Qualifying Transaction constitutes a reverse take-over,
such that former Gatekeeper shareholders now own (on a non-diluted
basis) approximately 57% of the outstanding common shares of the
Company, not including 5,405,405 special warrants of the Company ("Special Warrants") which were issued to a shareholder holding 5,405,405 Class A
Preferred shares of Gatekeeper. For more information about the Special
Warrants, please see the Filing Statement.
The Company and Gatekeeper each closed, concurrently with the
Acquisition, separate private placements which raised, in the
aggregate, gross proceeds of $2,567,780.75.
The Company raised $2 million in gross proceeds pursuant to a Short Form
Offering Document filed on SEDAR on January 18, 2013 (the "Short Form Offering") by offering units of the Company (each, a "Unit") at $0.25 per Unit. Each Unit consisted of one common share of the
Company (a "Share") and one-half of a common share purchase warrant of the Company (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Share at a
price of $0.50 per Share during the 12 months following the date of
issuance of the Warrant, provided that in the event the trading price
of the Shares closes at or above $0.75 per Share for 10 consecutive
trading days on the Exchange, the expiry date of the Warrants will be
accelerated to the date that is 30 days from the date of the 10th
consecutive trading day that the trading price of the Shares closes at
or above $0.75. Canaccord Genuity Corp. acted as the agent for the
Short Form Offering and received a 8% cash commission and Warrants
equal to 8% of the Units sold under the Short Form Offering.
The Gatekeeper non-brokered private placement (the "Gatekeeper Private Placement") which commenced on February 2, 2012, raised gross proceeds of
$567,780.75. Subscribers purchased Gatekeeper units ("Gatekeeper Units") at $0.25 per Gatekeeper Unit. Each Gatekeeper Unit consisted of one
Gatekeeper Share and one-half of a Gatekeeper Share purchase warrant (a
"Gatekeeper Warrant"). Canaccord Genuity Corp. and Mackie Research Capital Corporation
received 118,400 Gatekeeper Warrants as finders' fee warrants for the
introduction of potential sources of financing in connection with the
sale of the Gatekeeper Units. The Gatekeeper Shares and Gatekeeper
Warrants which comprised the Gatekeeper Units were exchanged for Shares
and Warrants upon the completion of the Acquisition.
The board of directors of the post-Acquisition Company (the "Resulting Issuer") will consist of four directors: Gary Cope, John Oness, Douglas Dyment
and Jonathan Jackson. In addition, Douglas Dyment will serve as
President and Chief Executive Officer of the Resulting Issuer and
Jonathan Jackson will serve as Chief Financial Officer and Corporate
Secretary of the Resulting Issuer.
The completion of the Qualifying Transaction has received final approval
of the Exchange. Upon completion of the Acquisition, there are on a
non-diluted basis 33,268,655 Shares of the Resulting Issuer issued and
outstanding (on a non-diluted basis), not including the Special
Trading in the common shares of the Company was previously suspended on
March 16, 2011. The Shares of the Resulting Issuer will commence
trading under the symbol "IDS" upon the opening of the Exchange on
Tuesday, February 26, 2013. The Company will continue to operate under
the name "Indigo Sky Capital Corp." until a name change to "Gatekeeper
Systems Inc." is approved by shareholders of the Resulting Issuer. The
Resulting Issuer intends to seek shareholder approval of the name
change at its next meeting of shareholders. When the Resulting Issuer
changes its name to Gatekeeper Systems Inc., it also intends to change
its trading symbol to "GSI".
Investors are cautioned that, except as disclosed in the Filing
Statement prepared in connection with the Qualifying Transaction, any
information released or received with respect to the Qualifying
Transaction may not be accurate or complete and should not be relied
The Exchange has neither approved nor disapproved the contents of this
Certain information in this press release may contain forward-looking
statements. Forward-looking statements in this press release include,
but are not limited to, statements with respect to final Exchange
acceptance of the Qualifying Transaction. Actual results might differ
materially from results suggested in any forward-looking statements.
The Company assumes no obligation to update the forward-looking
statements unless and until required by applicable securities laws.
Additional information identifying risks and uncertainties is contained
in filings by the Company with the Canadian securities regulators on
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.
About Gatekeeper Systems Inc.:
Founded in 1997, Gatekeeper Systems Inc. has provided total mobile video
security solutions to over 3,500 customers and has installations in
every State and Province in North America. Customers include School
Districts, Public Transit, Law Enforcement and Military. Information
about Gatekeeper can be found at www.gatekeeper-systems.com.
SOURCE: Indigo Sky Capital Corp.
For further information:
President & Chief Executive Officer
301, 31127 Wheel Avenue,
Abbotsford, B.C. V2T 6H1
Toll Free: 1.888.666.4833