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CALGARY, June 14, 2017 /CNW/ - Mosaic Capital Corporation ("Mosaic") ("the Company") (TSX-V Symbols: M and M.DB) announced today a withdrawal of its proposed public offering of common shares that was previously announced on June 12, 2017. The terms presented by the syndicate of underwriters did not offer favourable enough pricing.
"Mosaic maintains a long-term view of creating value for its shareholders and believes today's decision prevents excessive dilution to its existing common shareholders. The company prides itself on a strong track record of capital allocation and acting in the best interests of shareholders," said Mark Gardhouse, CEO of Mosaic. "We will drive our business plan forward with a strong pipeline of growth opportunities, $21 million of availability on our acquisition line of credit and $20 million of cash on our balance sheet."
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is a Canadian investment company that owns a portfolio of established businesses which span a diverse range of industries and geographies. Mosaic's strategy is to create long-term value for its shareholders through accretive acquisitions, long-term portfolio ownership, sustained cash flows and organic portfolio growth. Mosaic achieves its objectives by maintaining financial discipline, acquiring businesses at attractive valuations, performing extensive acquisition due diligence, utilizing optimal transaction structuring and working closely with subsidiary businesses after acquisition.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mosaic Capital Corporation
For further information: Cam Deller, Vice President, Corporate Development, Mosaic Capital Corporation, 400, 2424 - 4th Street SW, Calgary, AB T2S 2T4, T: (403) 930-6576, E: email@example.com