/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
TORONTO, Feb. 27, 2012 /CNW/ - Canadian Satellite Radio Holdings Inc.
("SiriusXM Canada" or the "Company") (TSX: XSR), parent of SiriusXM
Canada Inc., today announced that two of its shareholders, CSRI Inc.
and Slaight Communications Inc. have entered into an agreement with
Canaccord Genuity Corp. and National Bank Financial Inc. for a
secondary offering, on a bought deal basis, of 8,000,000 Class A
Subordinate Voting Shares of the Company (the "Class A Shares") at an
offering price of $3.00 per Class A Share. The offering terms provide
that CSRI Inc. will sell 6,000,000 Class A Shares with the remaining
2,000,000 Class A Shares being sold by Slaight Communications Inc.
After giving effect to this offering CSRI Inc. will own 62,390,124 Class
B Shares and Slaight Communications Inc. will own 47,570,361 Class B
Shares. SiriusXM Canada will not receive any proceeds from this
A preliminary short-form prospectus relating to the offering will be
filed shortly with Canadian securities regulatory authorities. Closing
of the offering is expected to occur on or about March 26, 2012 and is
subject to certain conditions, including the approval of the Canadian
securities regulatory authorities.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, which may be made only by means of the
prospectus, nor shall there be any sale of the Class A Shares in any
state, province or other jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any state, province or jurisdiction. The Class A
Shares have not been, and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States absent registration or compliance with an applicable
exemption from the registration requirements under U.S. securities
About SiriusXM Canada
Canadian Satellite Radio Holdings Inc. (TSX: XSR) operates as SiriusXM
Canada. SiriusXM Canada is the country's leading audio entertainment
company and broadcasts more than 120 satellite radio channels featuring
premier sports, news, talk, entertainment and commercial-free music.
SiriusXM Canada offers an array of content from the most recognized
news and entertainment brands as well as from professional sports
leagues including the NHL, NFL, MLB and CFL.
SiriusXM programming is available on a variety of devices including
pre-installed and after-market radios in cars, trucks and boats,
smartphones and mobile devices, and consumer electronics products for
homes and offices. SiriusXM programming is also available online at www.sirius.ca and www.xmradio.ca and on Apple, BlackBerry and Android-powered mobile devices.
SiriusXM Canada has partnerships with every major automaker and its
radio products are available at more than 3,000 retail locations
Certain statements included above may be forward-looking in nature. Such
statements can be identified by the use of forward-looking terminology
such as "expects," "may," "will," "should," "intend," "plan," or
"anticipates" or the negative thereof or comparable terminology, or by
discussions of strategy. Forward-looking statements include estimates,
plans, expectations, opinions, forecasts, projections, targets,
guidance or other statements that are not statements of fact, including
with respect to future operating performance and merger benefits and
costs synergies. Although SiriusXM Canada believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove
to have been correct. SiriusXM Canada's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
SiriusXM Canada makes no commitment to revise or update any
forward-looking statements in order to reflect events or circumstances
after the date any such statement is made, except as required by
applicable law. Additional information identifying risks and
uncertainties is contained in Canadian Satellite Radio Holdings Inc.'s
filings with the Canadian securities regulators, available at www.sedar.com.
SOURCE SiriusXM Canada
For further information:
416-815-0700 ext 273