TORONTO, Aug. 29, 2018 /CNW/ - Canaccord Genuity Acquisition Corp. (TSX: CGAC.UN, CGAC.WT) (the "Corporation") today announced that based on proxies received to date, shareholders have given strong support for its qualifying acquisition (the "Qualifying Acquisition"), pursuant to which it will merge with Spark Power Corp. ("Spark Power"). As a result of the Qualifying Acquisition, Spark Power will become a wholly-owned subsidiary of the Corporation.
The Corporation has to date received proxies representing approximately 49% of its issued and outstanding Class A Restricted Voting Shares and Class B Shares, with over 99% of the votes cast in favour of approving the Qualifying Acquisition.
No holders of the Corporation's Class A Restricted Voting Units have elected to redeem their units. As such, all Class A Restricted Voting Shares underlying the Class A Restricted Voting Units will be converted into Common Shares on closing of the Qualifying Acquisition.
The shareholder meeting to vote on the approval of the Qualifying Acquisition will be held on August 31, 2018 and the Qualifying Acquisition is scheduled to close later that day, subject to the satisfaction of certain conditions as set out in the purchase agreement for the Qualifying Acquisition.
The final long form non-offering prospectus and the management information circular in respect of the Qualifying Acquisition are available under the Corporation's profile on SEDAR at www.sedar.com.
Goodmans LLP is acting as legal counsel to the Corporation. Miller Thomson LLP is acting as legal counsel to Spark Power.
About Canaccord Genuity Acquisition Corp.
CGAC is a special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination involving CGAC.
About Spark Power Corp.
Spark Power is a leading independent electrical power services and solutions company serving more than 6,500 industrial, commercial, institutional, renewable and agricultural customers, as well as utility markets including municipalities, universities, schools and hospitals across Ontario, with operations expanding across North America. For more information, visit us at www.sparkpower.ca.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect the Corporation's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Corporation's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the availability of capital and voting support for the Qualifying Acquisition.
The forward-looking statements in this news release are based on certain assumptions, including without limitation the completion of the Qualifying Acquisition and that proxies submitted to date will not be withdrawn or changed. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the risk that the Qualifying Acquisition may not be completed as planned. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Corporation assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Canaccord Genuity Acquisition Corp.
For further information: Canaccord Genuity Acquisition Corp., Brad Cameron, Chairman and Chief Executive Officer, [email protected]; Spark Power Corp., Jason Sparaga, Co-CEO, [email protected]; Andrew Clark, Co-CEO, [email protected]