OTTAWA, Nov. 19, 2013 /CNW/ - LW Capital Pool Inc. (NEX: "LWI.H") (the "Company"), announces the cancellation of certain options granted to Richard Boadway, Chairman and Chief Financial Officer of the Company. It was recently determined that a grant of 363,000 options to Mr. Boadway, made on November 7, 2012 (the "Grant"), resulted in Mr. Boadway exceeding by 60,000 options the maximum permitted option holdings for one individual under Policy 2.4 of the TSX Venture Exchange (the "Policy"). Accordingly, with Mr. Boadway's consent, the Company has cancelled 60,000 options from the Grant. After the cancellation, in combination with the 60,000 options that Mr. Boadway held prior to the Grant, Mr. Boadway will hold a total of 363,000 options, which represents 5% of the issued and outstanding shares in the capital of the Company at the time of its initial public offering, in accordance with the Policy.
About LW Capital Pool Inc.
The Company is designated as a Capital Pool Company by the TSX-V. The Company has not commenced commercial operations and has no assets other than cash. The Company continues to actively pursue a Qualifying Transaction but as a result of not completing one within the prescribed time period set by the Exchange, the Company was listed and began trading on the NEX effective as of September 17, 2012. Any proposed Qualifying Transaction must be approved by the TSX-V and, in the case of a non-arm's length Qualifying Transaction, must also receive majority approval of the minority shareholders. Until the completion of a Qualifying Transaction, the Company will not carry on any business other than the identification and evaluation of businesses or assets with a view to completing a Qualifying Transaction.
For further information regarding the Company and its management team, please see the Prospectus filed with the Company's disclosure documents on SEDAR at www.sedar.com.
This press release may contain or refer to forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that actual results will be consistent with such statements. These forward-looking statements are made as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
SOURCE: LW Capital Pool Inc.
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