MONTREAL, May 10 /CNW Telbec/ - FONDACTION, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l'emploi ("FONDACTION") announced today that it acquired 5,769,231 common shares of ProSep Inc. ("Issuer" or "ProSep") at $0.13 per share for a total amount of $750,000.03 in the context of a private placement which closed Friday, May 7th, 2010 in the afternoon.
Before this transaction, FONDACTION was the owner of 36,004,069 common shares or approximately 22.05% of the issued and outstanding common shares of the Issuer. With this acquisition, FONDACTION now owns 41,773,300 common shares, bringing its ownership to 22.75 % of the issued and outstanding common shares of the Issuer.
FONDACTION has advised ProSep that there is no agreement, arrangement, commitment or understanding with respect to the voting of any of its securities of ProSep. The shares were acquired for investment purposes only and FONDACTION may increase or decrease its beneficial ownership or control depending on market or other conditions.
The common shares of the Issuer are listed on the Toronto Stock Exchange (TSX).
This Press Release is being issued in conformity with the applicable securities rules and regulations namely Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
SOURCE Fondaction CSN
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