OneCap Investment Corporation acquires an option to purchase an
industrial building in Montréal and gives an option to participate
up to 50% in its Qualifying Transaction to a Québec based
institutional fund
MONTREAL,
Jan. 25, 2013 /CNW Telbec/ - OneCap
Investment Corporation, a Capital Pool Company ("OneCap")
(TSXV: OIC.P), is pleased to announce that:
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(i) |
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On July 26, 2012, OneCap Financial Corp. ("Financial"),
a corporation controlled by Mr. Daniel Dorey President and Chief
Executive Officer of OneCap, made an offer to a third party to
purchase an industrial building with great data center potential
located in the city of Montreal (the "Property"). Such
offer was accepted on August 9, 2012 (the "Offer to
Purchase"); |
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(ii) |
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The Offer to Purchase was amended on October 5, 2012 to provide
for a $50,000 non-refundable option fee (the "Deposit") but
applicable against the purchase price of $3,330,000 (the
"Purchase Price"); and |
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(iii) |
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On October 11, 2012, Financial assigned its rights in the
Offer to Purchase to OneCap, for a consideration of $1.00 and
payment of the out of pocket expenses incurred by Financial. OneCap
assumed its $25,000 share of the Deposit. |
Terms not otherwise defined herein will have the
meanings set out in the Corporate Finance Manual of the TSX Venture
Exchange (the "Exchange").
OneCap intends to proceed with the acquisition
of the Property which would constitute the Qualifying Transaction
of OneCap in accordance with the policies of the Exchange, subject
to the prior acceptance of the Exchange and the fulfilment of
specific conditions, such as the execution of a lease with a
suitable tenant. The Property must be improved in order to
meet the technical requirements of the tenants.
On October 11,
2012, OneCap recognized an option to a Québec based
institutional fund pursuant to a letter of intent between Financial
and said Québec based institutional fund dated June 6, 2012 (the "Letter of Intent")
to take a 50% interest in its Qualifying Transaction in
consideration for the payment of a $25,000 share of the Deposit. The Letter of
Intent was assigned by Financial to OneCap on October 11, 2012.
Further information on the proposed transaction
will be provided as available.
Upon completion of the Qualifying Transaction,
the resulting issuer is expected to meet the minimum listing
requirements of the Exchange for issuers in the real estate
sector.
The current directors of OneCap, Messrs.
Daniel Dorey, Pierre Albert Jean, Pierre Bonin, Pierre
Setlakwe, Jean Desmarais and
Jean-Guy Lambert, will be insiders
of the Resulting Issuer.
The final prospectus of OneCap dated
July 12, 2012 is available on the
SEDAR website at www.sedar.com.
Completion of the transaction is subject to a
number of conditions, including but not limited to, Exchange
acceptance and if applicable pursuant to Exchange Requirements,
majority of the minority shareholder approval. Where applicable,
the transaction cannot close until the required shareholder
approval is obtained. There can be no assurance that the
transaction will be completed as proposed or at all.
Investors are cautioned that, except as
disclosed in the management information circular or filing
statement to be prepared in connection with the transaction, any
information released or received with respect to the transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be
considered highly speculative.
The TSX Venture Exchange Inc. has in no way
passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press
release.
Caution Concerning Forward-Looking
Statements
This press release may contain forward-looking
statements with respect to OneCap. These statements generally can
be identified by use of forward looking words such as "may",
"will", "expect", "estimate", "anticipate", "intends", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of OneCap could differ materially
from those expressed or implied by such statements. Such statements
are qualified in their entirety by the inherent risks and
uncertainties surrounding future expectations. Some important
factors that could cause actual results to differ materially from
expectations include, among other things, general economic and
market factors, competition, changes in government regulation and
the factors described from time to time in the documents filed by
OneCap with the securities regulators in Canada. The cautionary statements qualify all
forward looking statements attributable to OneCap and persons
acting on their behalf. Unless otherwise stated or required by
applicable law, all forward-looking statements speak only as of the
date of this press release.
Neither 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.
SOURCE OneCap Investment Corporation