WESTMOUNT, QC, Nov. 7, 2017 /CNW Telbec/ - On November 3, 2017, Robert J. Briscoe, executive vice-Chairman of the board of directors of Colabor Group Inc. ("Colabor"), purchased, through the facilities of the Toronto Stock Exchange, 65,000 common shares of Colabor (the "Common Shares") at a price of $0.75 per Common Share, for an aggregate value of $48,750.00.
Prior to that acquisition, Robert J. Briscoe, directly and through his control of Robraye Management Ltd. ("Robraye"), beneficially owned an aggregate of 9,250,527 Common Shares and 1,000,000 options to purchase Common Shares (the "Options"), representing 9.06% of Colabor's issued and outstanding Common Shares on a non-diluted basis, and 9.94% of Colabor's issued and outstanding Common Shares on a partially-diluted basis, assuming exercise of the Options held by Mr. Briscoe only. As a result of this transaction, Mr. Briscoe, directly and through his control of Robraye, now beneficially owns an aggregate of 9,315,527 Common Shares and 1,000,000 Options, representing 9.12% of Colabor's issued and outstanding Common Shares on a non-diluted basis, and 10.00% of Colabor's issued and outstanding Common Shares on a partially-diluted basis, assuming exercise of the Options held by Mr. Briscoe only.
The Common Shares were acquired by Mr. Briscoe for investment purposes. Mr. Briscoe may, from time to time, acquire additional securities of the Corporation, dispose of some or all of the securities that he holds, or might hold, or continue to hold his current position. As executive vice-Chairman of the board of directors of the Corporation (the "Board"), Mr. Briscoe has been and will continue to be actively involved in Colabor's business, operations and planning.
Pursuant to the terms of a standby purchase and voting support agreement dated July 14, 2016 between, among others, Colabor and Robraye, Colabor has agreed, among other things, that on the closing date of certain recapitalization transactions completed on October 13, 2016, the Board shall be comprised of 7 individuals, and that Robert J. Briscoe shall have the right to propose one nominee for election to the Board until the next annual meeting of shareholders of Colabor and, thereafter, as long as it holds at least 5% of the outstanding Common Shares and that Robert J. Briscoe shall be named executive vice-Chairman of the Board.
The head office of Colabor is located at 1620 de Montarville Blvd., Boucherville, Québec, J4B 8P4.
An early warning report relating to this transaction will be filed on SEDAR under Colabor's profile at www.sedar.com. To obtain a copy of such report, please contact:
SOURCE Robert J. Briscoe
For further information: Jean-François Neault, Senior Vice-President and Chief Financial Officer, Colabor Group Inc., (450) 449-4911; or Robert J. Briscoe, 1602-4175 Ste. Catherine Street West, Westmount, Québec, H3Z 3C9