MONTREAL, July 14, 2014 /CNW Telbec/ - Ranaz Corporation ("Ranaz") (TSXV: RNZ), announces today that it has completed its going private transaction announced May 15, 2014.
Ranaz has filed articles of amendment effecting a consolidation of its common shares on the basis of 1 post-consolidated common share for each 17,000,000 pre-consolidated common shares (the "Consolidation"). The Consolidation has resulted in all of the shareholders (except for Fiducie Vanquish ("Vanquish")) holding a fractional interest in the post-consolidated common shares of Ranaz. As fractional shares will not be issued, each shareholder of Ranaz will receive $0.01 in cash for each pre-consolidated common share held immediately prior to the Consolidation in lieu of certificates for fractional pre-consolidated common shares. Vanquish is now the sole shareholder of Ranaz, holding one post-consolidated common share.
Ranaz obtained the required shareholder approvals to effect the Consolidation at its recent general annual and special meeting of shareholders held on July 14, 2014, following its adjournment on June 17, 2014 with respect to the Consolidation. It is expected that Ranaz's common shares will be delisted from the TSX Venture Exchange at the close of trading on or about July 18, 2014, and an application will be made to the applicable Canadian securities regulatory authorities for an order that Ranaz will no longer be a reporting issuer under Canadian securities laws.
Further information on the terms and conditions of the Consolidation is provided to the shareholders in the management information circular dated May 15, 2014, available on SEDAR at www.sedar.com.
About Ranaz Corporation
Ranaz is a corporation specializing in the manufacture and sale of protein and dietary supplements. Its mission is to design, develop and market nutritional, protein and dietary supplements under its own corporate brands and concepts, such as Protidiet and ProtiLife, as well as under private labels.
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THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO SUCH MATTERS AS PROPOSED TRANSACTIONS AND LIKE MATTERS. THESE STATEMENTS INVOLVE RISK AND UNCERTAINTIES, INCLUDING BUT NOT LIMITED TO RISK FACTORS DESCRIBED IN DOCUMENTS FILED WITH REGULATORY AUTHORITIES. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED AS A RESULT OF THESE RISKS AND SHOULD NOT BE RELIED UPON AS A PREDICTION OF FUTURE EVENTS. RANAZ UNDERTAKES NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE ON WHICH SUCH STATEMENT IS MADE, OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS UNLESS REQUIRED TO DO SO UNDER APPLICABLE LAW.
SOURCE: Ranaz Corporation
For further information:
Chairman of the Board of Directors