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Coloured Ties Capital Inc. (TSXV: TIE) ("CTI" or the "Company") announces that, further to its news release of October 18, 2022 with respect to its Substantial Issuer Bid (the "Offer") to purchase up to $3,375,000 common shares (the "Shares") at C$0.45 per Share, the Company has amended the purchase price of the Shares from C$0.45 per Share to between C$0.55 to C$0.65.
The Offer is proceeding by way of a modified "Dutch Auction" within a price range not less than C$0.55 per Share (the "Lower Limit") and not more than C$0.65 per Share (the "Higher Limit") (in increments of $0.01 within that range). The tender process allows shareholders who wish to participate in the Offer to be able to do so through: (i) auction tenders in which they will specify the number of Shares being tendered at a price of not less than the Lower Limit and not more than the Higher Limit (in increments of $0.01 within that range) ("Auction Tenders"); or (ii) purchase price tenders in which they will not specify a price per Share, but will rather agree to a specified number of Shares purchased at the purchase price to be determined by Auction Tenders.
If Shares with an aggregate purchase price of more than C$3,375,000 are properly tendered and not properly withdrawn, the Company will purchase the Shares on a pro rata basis except that "odd lot" tenders (of holders beneficially owning fewer than 100 Shares) will not be subject to pro-ration.
The Offer is expected to commence on or about December 12, 2022 and will expire on January 17, 2023, provided the Company obtains approval from the Exchange.
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
Tel:604-805-4602
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/145914
