TORONTO, April 1 /CNW/ - Jovian Capital Corporation ("Jovian") (TSX: JOV)
is pleased to announce that, further to the announcement of March 20, 2009, it
has completed the extension to Jovian's $15 million credit facility, as
provided by Edco Capital Corporation, a corporation controlled by N. Murray
Edwards. This credit facility now runs until April 1, 2011. Pursuant to this
extension, Jovian has issued to the lender 1,500,000 common share purchase
warrants, exercisable at a price of $0.30 per share for two years.
This transaction constitutes a "related party transaction" for Jovian
pursuant to Multilateral Instrument 61-101 ("MI 61-101"), respecting
protection of minority security holders in special transactions, which would
require Jovian to obtain a formal valuation and the approval of minority
shareholders, unless there is an exemption available from those requirements.
Jovian is relying on the financial hardship exemptions from such requirements
contained in sub-sections 5.5(g) and 5.7(e) of MI 61-101. The Directors of
Jovian have all approved this transaction. Larry Moeller and Laurie Pare, as
representatives of Edco Capital Corporation and its affiliates, did not vote
in connection with the said approval.
About Jovian Capital Corporation (www.joviancapital.com)
Jovian acquires, creates and grows financial services companies
specializing in wealth and asset management. The Jovian group of companies
(AlphaPro Management Inc., BetaPro Management Inc., Horizons Funds Inc.,
JovFunds Inc., JovFunds Management Inc., JovInvestment Management Inc., Leon
Frazer & Associates Inc., MGI Securities (USA) Inc., MGI Wealth, T.E. Wealth
and Felcom Data Services Inc.) manages approximately $12.0 billion of client
assets ($6.5 billion in assets under management and $5.5 billion in assets
under administration). Additional information is available at
www.joviancapital.com and www.sedar.com.
For further information:
For further information: Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; or Philip Armstrong, Chief Executive
Officer, Jovian Capital Corporation, (416) 777-5752