MONTREAL, Nov. 7 /CNW Telbec/ - Loubac Top Environmental inc. (the
"Corporation") (TSX Venture Exchange: LTE) announces that it wishes to proceed
with the sale of all the shares the Corporation holds in the share capital of
Loubac Inc., its wholly owned operating subsidiary, in favor of Mr. Gilles
Mousseau, Mr. Gérard Roberge and Mr. Michel Hubler or to holding companies
they control (the "Buyers").
In consideration for the sale of said shares, the Buyers shall pay the
Corporation an amount of $48,000 at the closing date of said sale transaction.
As this sale transaction constitutes an "operation with a related party"
according to Policy Q-27 ("Q-27") of the Autorité des Marchés Financiers du
Québec, as Mr. Gilles Mousseau and Mr. Gérard Roberge are directors of the
Corporation and as the Buyers hold more than 10% of the issued and outstanding
shares of the Corporation, said transaction will be subject to the approval of
the majority of disinterested shareholders of the Corporation, as this
expression is defined in the applicable policies of the TSX Venture Exchange
("TSX"), and by the majority of the minority shareholders, as this expression
is defined in Q-27.
The proposed transaction will therefore be submitted to the approval of
the majority of disinterested shareholders of the Corporation and by the
majority of the minority shareholders during the Annual General and Special
Meeting of the shareholders of the Corporation to be held next November 27.
If the sale transaction is approved during this meeting, it is expected
that the sale transaction will be completed in the days following such
Following this transaction, the Corporation shall not exploit a business
and its assets shall be mainly composed of a cash balance of $48,000.
Consequently, it is expected that the Corporation will no longer meet the
minimum listing requirements of the TSX; therefore, the listing of the
Corporation's shares could be transferred to the NEX Tier of the TSX.
About Loubac Top Environmental
Loubac's shares trade on the TSX Venture Exchange under the symbol LTE.
For further information, please consult the Internet site of the Corporation
The TSX Venture Exchange accepts no liability with regard to the
relevance or accuracy of this press release.
For further information:
For further information: Mr. Gilles Mousseau, President and Chief
Operating Officer, (450) 674-7737, email@example.com