TORONTO, Oct. 3, 2016 /CNW/ - Callidus Capital Corporation
(TSX:CBL) ("Callidus" or the "Corporation") announced today that
upon the terms and subject to the conditions of its substantial
issuer bid (the "Offer"), Callidus has taken up and accepted for
payment 782,546 common shares ("Shares") that were validly
deposited to the Offer as of September
30, 2016.
The Offer is for the purchase and cancellation by Callidus of up
to 3,571,428 of its outstanding common shares (the "Shares") at
$16.50 per share, from its
shareholders. As previously announced, the outstanding Offer
is currently scheduled to expire at 5:00
p.m. (Toronto time) on
October 31, 2016, unless further
extended or withdrawn by the Corporation. Callidus will mail a
notice of variation and extension to its shareholders, setting out
the new expiry date of the Offer.
Following the take-up of these shares, the Company will have
taken up and paid for 2,683,100 shares, or approximately 75% of the
total eligible under the Offer.
This press release is for information purposes only and is not
an offer to buy or the solicitation of an offer to sell any
Shares.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian
company that specializes in innovative and creative financing
solutions for companies that are unable to obtain adequate
financing from conventional lending institutions. Unlike
conventional lending institutions who demand a long list of
covenants and make credit decisions based on cash flow and
projections, Callidus credit facilities have few, if any, covenants
and are based on the value of the borrower's assets, its enterprise
value and borrowing needs. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflow
and outflows of each borrower, enabling Callidus to very
effectively manage any risk of loss. Further information is
available on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation