MONTREAL, Aug. 28, 2015 /CNW Telbec/ - OneCap Investment Corporation (TSXV: OIC.H) ("OneCap" or the "Corporation"), a capital pool company as defined under Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the "Exchange") announced today 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. (its proposed "Qualifying Transaction"). Please see OneCap's press release of April 29, 2014 and April 15, 2015 for details of the Qualifying Transaction.
8432155 Canada Inc. ("Canada Inc.") has informed OneCap that although the MTS Data Centre has been delivered to Manitoba Telecom Services Inc. on June 5th, 2015, it has been unable to close a $10 Million debenture offering and was unable to reimburse the loan facility owed to FAM Management Limited Partnership in order to secure its 50% interest in the MTS Data Centre and therefore the proposed Qualifying Transaction has been cancelled.
Pursuant to a joint statement of intention executed by all the shareholders of Canada Inc. in favor of OneCap on January 28, 2014, Canada Inc. is committed to reimburse OneCap for all the costs paid by OneCap will respect to the MTS Data Centre Project. Such costs are currently estimated to be in the order of $250,000 and should be finalized by the end of September 2015.
Trading on the common shares of OneCap shall resume once all of the Exchange's requirements have been met.
The current directors of OneCap are Messrs. Daniel Dorey, Pierre Albert Jean, Pierre Bonin, Pierre Setlakwe, Jean Desmarais and Jean-Guy Lambert.
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