MIJDRECHT, The Netherlands, Dec. 31, 2013 /CNW/ - Panta Holdings B.V. ("Panta") is issuing this press release with respect to common shares ("Common Shares") of Avcorp Industries Inc. ("Avcorp"). Panta, through its wholly-owned subsidiary Panta Canada B.V., has agreed to purchase 18,241,478 Common Shares from an existing shareholder of Avcorp (the "Common Share Acquisition").
As a result of the Common Share Acquisition, Panta beneficially owns or exercises control over 180,518,013 Common Shares, representing approximately 64.4% of the current issued and outstanding Common Shares.
Panta also holds 19,550,532 Common Share purchase warrants (the "Panta Warrants"), exercisable on or before January 1, 2015 at an exercise price of C$0.0713 per Common Share. Assuming the full exercise of the Panta Warrants, Panta owns or exercises control over 200,068,545 Common Shares, representing approximately 66.7% of the Common Shares outstanding after given effect to such exercise.
The acquisition of Common Shares pursuant to the Common Share Acquisition is being made for investment purposes. Panta may, depending on market and other conditions, increase or decrease its beneficial ownership of Avcorp's securities, subject to general market conditions.
This press release is being issued pursuant to the requirements of Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report to be filed by Panta in connection with the transactions described herein will be available on Avcorp's SEDAR profile at www.sedar.com, and can also be obtained by contacting the Corporate Secretary of Panta at the telephone number listed below.
SOURCE: Panta Holdings B.V.
For further information:
Panta Holdings B.V.
Rendementsweg 2, 3641 SK Mijdrecht
P.O. Box 87, 3640 AB Mijdrecht
Tel. +31 297 256283