/NOT FOR DISTRIBUTION TO UNITED STATES OF AMERICA WIRE SERVICES/
TORONTO, Sept. 27, 2013 /CNW/ - This press release is being disseminated as required by National Instrument 62‐103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of Gravitas Financial Inc. (the "Company") securities by Ravenal Corporation ("Ravenal") of 8 Morland Road, Toronto, Ontario, M6S 2M8, a company controlled by David Carbonaro, the President and a director of the Company.
Ravenal entered into two separate agreements to acquire all of the shares of 2368798 Ontario Inc. and 2368799 Ontario Inc. whereby it indirectly acquired an aggregate of 17,500,000 common shares in the capital of the Company. The purchase price paid in each case was an aggregate of $1.00 (being less than $0.01 per share).
Accordingly, Ravenal and its joint actors, beneficially own 17,940,000 common shares in the capital of the Company (inclusive of 440,000 common shares of the Company originally held by David Carbonaro), representing approximately 27.4% of the issued and outstanding voting securities of the Company on a fully‐diluted basis (based on 65,451,305 issued and outstanding common shares of the Company).
These Common Shares are subject to an escrow agreement dated June 25, 2013 entered into among the Company, Computershare Trust Company of Canada, and certain other shareholders of the Company.
This transaction is exempt from the formal take-over provisions of the Securities Act (Ontario) pursuant to section 100.1(1) of the Act. The securities were acquired for investment purposes and Ravenal may increase or decrease its beneficial ownership or control depending on market or other conditions.
A copy of the Early Warning Report may be found on www.SEDAR.com.
The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.
SOURCE: Gravitas Financial Inc.
For further information:
David Carbonaro, President
Tel: (416) 643-6836