SHEDIAC, NB, April 27, 2012 /CNW/ - General Financial Group Ltd. ("GFC") of 114 Riverside Drive, Shediac, NB E4P 2P3 announces that it today acquired ownership and control of 6,998,248 common shares ("Common Shares") of Imvescor Restaurant Group Inc. ("IRG"), representing approximately 16.7% of the total issued and outstanding common shares of IRG.
Following the acquisition, GFC owns and controls 9,659,315 Common Shares, representing approximately 23.0% of the total issued and outstanding Common Shares of IRG. In addition, Bernard Imbeault owns and controls 56,002 Common Shares and 1,500 stock options to acquire Common Shares, and Monique Imbeault owns and controls 203,957 Common Shares and 14,486 deferred share units of IRG. Accordingly GFC and the Imbeaults collectively own and control 9,919,274 Common Shares representing approximately 23.6% of the total issued and outstanding Common Shares of IRG.
The Common Shares were purchased pursuant to a privately negotiated transaction at a price of $0.65 per Common Share.
GFC acquired the Common Shares for investment purposes. Depending on market and other conditions, GFC and its joint actors, Bernard and Monique Imbeault, may from time to time in the future increase or decrease its ownership, control or direction over the Common Shares or other securities of the Issuer, through market transactions, private agreements or otherwise.
For further information:
CEO, General Financial Corporation Limited