MONTREAL, Feb. 10, 2015 /CNW Telbec/ - Mr. Paul Nassar of Montreal, Québec has acquired ownership and control over all of the issued and outstanding shares of Hart Stores Inc. ("Hart Stores") as a result of the amalgamation effective February 6, 2015 of Hart Stores and 9102221 Canada Inc. Prior to the amalgamation, Mr. Nassar had indirect ownership and control over all of the issued and outstanding shares of 9102221 Canada Inc. In the amalgamation, all of the 13,662,296 issued and outstanding common shares of Hart Stores were cancelled; shareholders will receive $0.20 in cash for each share held in consideration for the cancellation of the shares. In the amalgamation, all of the issued and outstanding common shares of 9102221 Canada Inc. were converted on a one-for-one basis into shares of the corporation resulting from the amalgamation, which corporation is named "Hart Stores Inc. / Magasins Hart Inc." ("Amalco"). The total amount to be paid to the former shareholders of Hart Stores is approximately $2.73 million.
As a result, immediately after the amalgamation, Mr. Nassar indirectly owns and controls 100 common shares of Amalco, representing 100% of the issued and outstanding common shares of Amalco, and does not own or control any common share purchase warrants or stock options of Amalco.
9102221 Canada Inc. entered into the amalgamation with Hart Stores in order for Mr. Nassar to acquire Hart Stores.
This news release is being issued under the early warning provisions of Canadian provincial securities legislation. Mr. Nassar has filed an early warning report in respect of the amalgamation on SEDAR under Hart Stores' company profile.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Hart Stores Inc.
For further information: Mr. Paul Nassar, 6395 chemin de la Côte-de-Liesse, Montreal, Québec, H4T 1E5, Telephone: (514) 725-7600