Fintech
Coloured Ties to Repurchase Common Shares
Vancouver, British Columbia–(Newsfile Corp. – October 18, 2022) – Coloured Ties Capital Inc. (TSXV: TIE) (“CTI” or the “Company“) is pleased to announce that it plans to repurchase a portion of its common shares and cancel those shares.
The Company’s Board of Directors has authorized a Substantial Issuer Bid (the “Offer“) pursuant to which the Company will offer to purchase for cancellation up to 7,500,000 of its issued and outstanding common shares (the “Shares“) at a purchase price of $0.45 per Share in cash. The Offer is expected to commence on or about December 1, 2022, provided the Company obtains approval from the Exchange.
At present, there are 22,111,859 common shares outstanding. If the Company is successful in purchasing all 7,500,000 shares anticipated on the Offer, then there will be 14,611,859 shares remaining issued and outstanding.
The Company’s Board of Directors believes that repurchasing the Shares represents an advisable use of CTI’s financial resources and is in the best interest of the Company’s shareholders. The Offer provides the Company’s shareholders with an opportunity to realize on all or a portion of their investment in the Company.
Details of the Offer, including the full terms and conditions of the Offer and instructions for tending Shares to the Offer, will be included in the formal offer to purchase and issuer bid circular and other related documents (the “Offer Documents“), which are expected to be mailed to shareholders, filed with securities regulators and made available shortly on SEDAR at www.sedar.com. The Offer will not be conditional on any minimum number of Shares being tendered although it is subject to various other conditions that are typical for a transaction of this nature.
Neither the Company nor its board of directors makes any recommendation to shareholders as to whether to tender or refrain from tendering Shares to the Offer. Shareholders are strongly encouraged to review the Offer Documents carefully and to consult with their financial and tax advisors prior to making any decision with respect to the Offer.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
kal@bullruncapital.ca
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140894
