MONTREAL, Dec. 8, 2015 /CNW Telbec/ - OneCap Investment Corporation (TSXV:OIC.H) ("OneCap"), a capital pool company as defined under Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the "Exchange") announced on August 28, 2015 the cancellation of its proposed qualifying transaction to acquire of a 50% interest in the MTS Data Centre Project through the acquisition of all the outstanding Class A Shares of 8432155 Canada Inc. ("Canada Inc."). Please see OneCap's press releases of April 29, 2014, April 15, 2015 and August 28, 2015 for details of that proposed qualifying transaction.
Pursuant to a joint statement of intention executed by all the shareholders of Canada Inc. in favor of OneCap on January 28, 2014 (the "Joint Statement"), Canada Inc. has reimbursed OneCap, on November 11, 2015, an amount of $296,730, being all the costs paid by OneCap with respect to the MTS Data Centre Project. This amount is questioned by two dissident members of the Board of Directors as whether it reflects the intent of the Joint Statement.
OneCap is still committed to securing a new qualifying transaction.
OneCap will hold its Annual Shareholders Meeting on February 11, 2016.
Trading on the common shares of OneCap shall resume once all of the Exchange's requirements have been met.
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.
Caution Concerning Forward-Looking Statements
This press release may contain forward-looking statements with respect to OneCap. These statements generally can be identified by use of forward looking words such as "projected to", "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of OneCap could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by OneCap with the securities regulators in Canada. The cautionary statements qualify all forward looking statements attributable to OneCap and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.
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 OneCap Investment Corporation
For further information: Mr. Daniel Dorey, Chairman of the Board, Tel: 514-839-7801; Mr. Pierre Setlakwe, Chief Executive Officer, Tel: 514-878-3201