KIRKLAND, QC, Aug. 28, 2019 /CNW Telbec/ - Manitex Capital Inc. ("Manitex") is pleased to announce that it has completed the distribution to its shareholders of its previously announced special dividend-in-kind (the "Dividend") of share purchase warrants of Valeo Pharma Inc., ("Valeo Warrants") held by Manitex.
The Dividend has a deemed price of $0.065 per Valeo Warrant and was distributed today to holders of record of common shares of Manitex ("Manitex Shares") at the close of business on August 9, 2019 (the "Record Date"), on a pro rata basis of 0.1 Valeo Warrant per Manitex Share. A total of 1,253,327 Valeo Warrants were distributed to Manitex shareholders residing in Canada and after distribution of the Dividend, Manitex continues to hold 360,515 Valeo Warrants. No Valeo Warrants were delivered to Manitex shareholders residing outside of Canada. Consequently, non-resident Manitex shareholders will receive their pro-rata share of the cash equivalent of the Dividend.
The Dividend is an "eligible dividend" for the purposes of the Income Tax Act (Canada) and corresponding provincial legislation and therefore the Dividend will be taxable in the hands of Manitex shareholders. Manitex shareholders with questions regarding the tax treatment of dividends should consult with their own tax advisors or contact their local office of the Canada Revenue Agency and, where applicable, the provincial taxation authorities.
For more details on Valeo Pharma Inc. please consult the issuer's profile on SEDAR at www.sedar.com.
The TSX Venture Exchange issued a bulletin on August 6, 2019 approving the distribution of the Dividend by Manitex.
About Valeo Pharma Inc.
Valeo Pharma is a specialty pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada. With a focus on Neurodegenerative Diseases, Oncology, Women's Health and Hospital Specialty Products, Valeo Pharma has a growing portfolio of innovative products and the full infrastructure to properly manage these products through all stages of commercialization. Valeo Pharma has exclusively launched Onstryv® (safinamide tablets) in Canada for the treatment of patients suffering from Parkinson's Disease and has entered into a licensing agreement for exclusive rights register, distribute and market a low molecular weight heparin biosimilar in Canada.
Headquartered in Kirkland, Quebec, Valeo Pharma has all capabilities internally to register and market health care solutions for Canadian patients. For more information, please visit www.valeopharma.com and follow the company on Linkedin and Twitter.
About Manitex Capital Inc.
Manitex Capital Inc. invests in promising emerging companies in diversified sectors including life sciences, cleantech and sustainable products/technologies. Manitex provides its portfolio companies with specialized corporate finance and advisory services including corporate strategy, mergers and acquisitions, public markets access and financing. Manitex currently has 12,561,276 common shares outstanding which are quoted for trading on the TSX Venture Exchange, symbol .
Caution regarding forward-looking statements
This news release may contain certain forward-looking statements regarding Manitex's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. Manitex disclaims any intention or obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Manitex Capital Inc.
For further information: Manitex Capital Inc., Steve Saviuk, Chairman and CEO, Tel.: 514-694-0150, [email protected]