TORONTO, May 27, 2016 /CNW/ - Callidus Capital Corporation (TSX:CBL) ("Callidus" or the "Corporation") announced today that it has extended its substantial issuer bid (the "Offer") for the purchase and cancellation by Callidus of up to Cdn$50 million of its outstanding common shares (the "Shares") from shareholders. The Offer, which was initially scheduled to expire at 5:00 p.m. (Toronto time) on May 27, 2016, has been extended until 5:00 p.m. (Toronto time) on June 27, 2016, unless further extended or withdrawn by the Corporation.
Upon the terms and subject to the conditions of the Offer, Callidus has taken up and accepted for payment 1,118,740 Shares, being all of the Shares that were validly deposited and not withdrawn to the Offer as of 5:00 p.m. (Toronto time) on May 27, 2016.
Callidus will mail a notice of extension to its shareholders, setting out the new expiry date of the Offer.
This press release is for information purposes only and is not an offer to buy or the solicitation of an offer to sell any Shares.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the company's assets, its enterprise value and borrowing needs. Callidus employs a proprietary system of monitoring collateral and exercising control over the cash inflow and outflows of each borrower, enabling Callidus to very effectively manage any risk of loss. Further information is available on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation
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