NORTH CHARLESTON, SC, March 16, 2017 /CNW/ - The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07 (the "Trust") announced today that it has sold 1,500,000 common shares of Colabor Group Inc. ("Colabor") (TSX: GCL), a corporation with its head office located at 1620 De Montarville Blvd., Boucherville, Québec, J4B 8P4, through the facilities of the TSX Venture Exchange at a price of Cdn$1.20 per share (the "Sale").
Immediately prior to the Sale, the Trust, together with Z-Holdings North ULC, an affiliate of the Trust (together with the Trust, the "Zucker Group") owned 14,802,875 common shares (comprised of 14,277,875 common shares and 525,000 common shares which may be received upon the conversion by the Trust of its $1,313,000 of principal amount of the 6.00% convertible debentures maturing April 30, 2022 (the "Debentures")), or approximately 14.42% of the issued and outstanding common shares of Colabor.
The 1,500,000 common shares sold by the Trust represent approximately 1.46% of the issued and outstanding common shares of Colabor.
Following the Sale, the Zucker Group owns 13,302,875 common shares (comprised of 12,777,875 common shares and 525,000 common shares which may be received upon the conversion of the Debentures it holds). Together this represents approximately 12.96% of the issued and outstanding common shares of Colabor (if the Trust converted its debentures into common shares).
The common shares and Debentures of Colabor held by the Zucker Group were acquired for investment purposes. The Zucker Group may acquire or dispose of additional common shares and/or debentures of Colabor in the future, subject to price and availability.
SOURCE The Article 6 Marital Trust Created Under The Jerry Zucker Revocable Trust
For further information: Robert Johnston, 4838 Jenkins Avenue, North Charleston, South Carolina, 29405, (843) 744-5174