Coloured Ties Announces Preliminary Results of the Substantial Issuer Bid
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) ("CTI" or the "Company"), today announced the preliminary results of its substantial issuer bid ("SIB"), pursuant to which the Company offered to purchase for cancellation up to $3,750,000 of its common shares ("Shares"). The SIB expired at 5:00 p.m. (Toronto time) on Monday, August 28, 2023.
In accordance with the terms and subject to the conditions of the SIB and based on the preliminary calculations of Computershare Investor Services Inc. ("Computershare"), as depositary for the SIB, the Company expects to take up and pay for approximately 2.5 million Shares at a price of approximately $1.20 per Share, representing an aggregate purchase price of $3,000,000.
An aggregate of approximately 2.5 million Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders.
The number of Shares to be purchased, the proration factor and the purchase price referred to above are preliminary, remain subject to verification by Computershare and assume that all Shares tendered through notice of guaranteed delivery will be delivered within the two trading day settlement period. Upon take up and payment of the Shares purchased, the Company will release the final results.
The full details of the SIB are described in the offer to purchase and issuer bid circular dated July 18, 2023, as amended by the Notice of Variation dated August 9, 2023, as well as the related amended and restated letter of transmittal and amended and restated notice of guaranteed delivery, copies of which were filed and are available on SEDAR+ at www.sedarplus.ca.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Company's shares.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
Neither the 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.
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