Copland Road Capital Corporation Announces Distribution Date for Distribution of Shares Pursuant to Plan of Arrangement
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2023) - Copland Road Capital Corporation (CSE: CRCC) ("Copland Road" or the "Company") is pleased to announce that further to its press release of December 16, 2022, the Company plans to implement the plan of arrangement (the "Arrangement") involving the involving the Company and Broomloan Road Capital Corporation, Edmiston Drive Capital Corporation, Bothwell Road Capital Corporation, Goram Capital Corporation, and James Bell Capital Corporation (each a "SpinCo").
The Arrangement is expected to become effective January 31, 2023. As such, all shareholders of record as at that date will be entitled to participate in the Arrangement.
As a result of the Arrangement, shareholders of record as of January 31, 2023 of Copland Road (the "Shareholders") will receive one new Copland Road common share and one-fourth (1/4) of one common share of each SpinCo for each common share of Copland Road held by such Shareholder immediately before the completion of the Arrangement (the "Effective Time"). Any trades settling on February 1, 2023 or later will not receive SpinCo shares. The Company will retain 1,253,250 of the common shares of the SpinCo's held by the Company prior to the Effective Time and each of the SpinCo's reserved 68,750 of the common shares of such SpinCo for the issuance pursuant to restricted share units of the Company when such units vest and/or are converted into common shares of the Company as the case may be pursuant to the terms of such restricted share units.
The Arrangement was unanimously approved by the Shareholders at the annual and special meeting of the Shareholders held on December 13, 2022, and the approval of the Supreme Court of British Columbia was received on December 15, 2022, by way of a statutory arrangement pursuant to the Business Corporations Act (British Columbia).
Complete details of the terms of the Arrangement are set out in the Arrangement Agreement, as particularized in the Management Information Circular dated November 14, 2022 and is available for viewing under the Company's profile at www.sedar.com.
For further information, please contact:
Bruce Langstaff, Executive Chairman
Certain statements included herein are forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. These forward-looking statements are subject to certain risks and uncertainties. Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "expect", "future", "likely", "may", "should", "will" and similar references to future periods. Examples of forward-looking statements include, the timing and implementation of the Plan of Arrangement. Important factors that could cause actual results to differ, materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the CSE, the British Columbia Securities Commission, the Ontario Securities Commission, and the Alberta Securities Commission. The Company has no obligation to update such forward-looking statements except as required by applicable law.
Neither the Canadian Securities Purchase nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Purchase) accepts responsibility for the adequacy or accuracy of this release.
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