NORTHERN PRIVATE CAPITAL FILES EARLY WARNING REPORT
TORONTO, Dec. 22, 2023 /CNW/ - This press release is being disseminated as required by securities legislation in connection with the filing of an early warning report (the "Early Warning Report") regarding the common shares ("Common Shares") of MDA Ltd. (the "Issuer") held by Northern Private Capital Fund I Limited Partnership and Northern Private Capital Fund I Non-Resident Limited Partnership (together, the "NPC Funds").
The requirement to file the Early Warning Report was triggered on December 22, 2023, when the NPC Funds disposed of 872,370 Common Shares on the open market through the facilities of the Toronto Stock Exchange, at an average price of C$11.7105 per Common Share, for aggregate gross proceeds of C$10,215,888.89 (the "Sale Transaction"). On December 21, 2023, the NPC Funds completed a distribution in-kind of 1,281,630 Common Shares to certain limited partners of the NPC Funds (the "In-Kind Distribution"). Immediately prior to the In-Kind Distribution and the Sale Transaction, the NPC Funds, together with Northern Private Capital Holdings Ltd. ("NPC Holdings") and CFFI Ventures Inc. ("CFFI"), held (on an aggregate basis) 16,327,460 Common Shares, representing approximately 13.67% of the issued and outstanding Common Shares on a non-diluted basis. Upon completion of the In-Kind Distribution and the Sale Transaction, the NPC Funds together with NPC Holdings and CFFI, will hold (on an aggregate basis) 14,173,460 Common Shares, representing approximately 11.87% of the issued and outstanding Common Shares on a non-diluted basis.
The Common Shares disposed of pursuant to the Sale Transaction were sold for investment purposes. The remaining Common Shares beneficially owned by the NPC Funds are held for investment purposes. The NPC Funds may, depending on price, market conditions or other conditions or factors it considers relevant from time to time, increase or decrease its beneficial ownership, control or direction over Common Shares or other securities of the Issuer through market transactions, private agreements or otherwise.
While it could be argued that in relation to the Issuer, the NPC Funds are acting jointly or in concert with NPC Holdings, and the NPC Funds and NPC Holdings are acting jointly or in concert with CFFI, that is not admitted.
The address of Northern Private Capital ("NPC") is located at 135 Yorkville Avenue, 9th Floor, Toronto, Ontario M5R 0C7.
Based in Toronto, NPC invests in innovative companies that utilize technology to disrupt industries, solve big problems and improve the world at large. NPC is currently investing out of its second Fund, Northern Private Capital Fund II.
SOURCE Northern Private Capital
or to obtain a copy of the Early Warning Report, please contact: Northern Private Capital, 135 Yorkville Avenue, 9thFloor, Toronto, Ontario, M5R 0C7, Contact: James Albrecht Tel: 416-925-6609
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