Innovative Composites International Inc. (the company resulting from the
amalgamation of Kingsmill Capital Ventures Inc. and Kingsmill Capital
Ventures II Inc.) announces the closing of their qualifying transaction
Prior to the completion of the Qualifying Transaction, KCV and KII completed their previously announced amalgamation on
Pursuant to the Qualifying Transaction and in exchange for obtaining all of the issued and outstanding securities of ICI, the Company issued to ICI securityholders the following securities: 25,348,618 common shares, 2,460,000 incentive stock options (with an exercise price of
In connection with assuming all the liabilities of ICI, the Company also issued to an existing lender of ICI a CDN
The following individuals will serve on the Board of Directors of the Company:
Immediately following closing of the Qualifying Transaction, the Company granted to certain directors and employees an aggregate of 2,615,000 options to purchase common shares of the Company at an exercise price of
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the 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.
For further information: about the Company, please contact Ilja Troitschanski, Chief Financial Officer, at (905) 336-9996, or by email at [email protected]
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