/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 18, 2016 /CNW/ - Mr. Neil Baker announced today that he entered into an agreement with Canaccord Genuity Corp. ("CGC") to sell to CGC 6.0 million shares of Great Canadian Gaming Corporation (the "Issuer") representing approximately 9.89% of the outstanding shares of the Issuer for sale in the stock market, and has granted CGC an option to purchase for sale an additional 2.0 million shares representing an additional 3.3% of the outstanding shares. The shares will be sold at a purchase price of C$23.25 per share for aggregate proceeds of $139,500,000, or $186,000,000 in total if the CGC is exercised. The sale of the shares is subject to the approval of the Issuer and of the regulatory authorities.
Immediately prior to this sale, Mr. Neil Baker together with Ridge Capital Amalgamated Corp. ("Ridge Capital") owned and controlled 10,943,600 shares, and 27,285 deferred share units ("DSUs") of the Issuer representing approximately 18.07% of the issued and outstanding shares, assuming exercise of the DSUs. Immediately following this sale, assuming the CGC option is exercised Mr. Baker will have ownership of and control over 2,943,600 shares and 27,285 DSUs representing 4.89% of the issued and outstanding shares, assuming exercise of the DSUs.
Ridge Capital Amalgamated Corp. is beneficially owned and controlled by Mr. Neil Baker.
The securities were disposed of for investment liquidation purposes. Mr. Neil Baker may, in the future and subject to applicable law, acquire or dispose of shares or other securities of the Issuer depending upon a number of factors, including but not limited to general market and economic conditions and other available investment opportunities.
An early warning report respecting this disposition will be electronically filed with the applicable securities commission in each jurisdiction where the Issuer is reporting and will be available at www.sedar.com.
SOURCE Neil Baker and Ridge Capital Amalgamated Corporation
For further information: Neil Baker and Ridge Capital Amalgamated Corporation, 141 Adelaide Street West, Suite 1628, Toronto, Ontario, M5H 3L5