CALGARY, AB, Aug. 18, 2023 /CNW/ – Axiom Capital Advisors Inc. (“ACA” or the “Company”) (CSE: ACA), announces today that Axiom Advisors Inc. (“AAI”), the majority shareholder of ACA, has filed a notice of intention to distribute securities in connection with its proposed sale of 5,000,000 common shares (each, a “Common Share”) of the Company (representing approximately 77.26% of the issued and outstanding Common Shares) pursuant to the terms of a private sale. AAI is a “control person” of the Company (as such term is defined under applicable securities laws). In addition, the Company understands that four other shareholders holding a total of 800,000 Common Shares (12.36% of the issued and outstanding Common Shares) have also entered into a private agreement to sell their Common Shares. The Company has 6,472,100 issued and outstanding Common Shares and the Common Shares are listed for trading on the CSE.
AAI has informed the Company that the purpose of the Transactions is to bring a new management group into the Company who can devote more time to the business of the Company than the existing management is currently able to. In addition, AAI has entered into an agreement with the Company to continue to provide services with respect to the “Subco” business of the Company such that the current business of the Company will continue.
The subject Common Shares are expected to be transferred to arms-length parties pursuant to a private agreement negotiated in the context of the market (the “Transactions”). The Transactions were negotiated at arm’s length between the applicable parties and the Company is not a party to the Transactions. The Transactions are expected to close on or about August 28, 2023.
The Company does not expect that the Transactions constitute a “change of business” or “fundamental change”, as such terms are defined in the CSE policies.
Certain information in this news release may constitute “forward-looking” information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this news release, this information may include words such as “anticipate”, “estimate”, “may”, “will”, “expect”, “believe”, “plan” and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this news release.
Forward-looking statements in this news release may include, but are not limited to, the future plans of the Company, the closing of the Transaction, the Management Changes, business plans, objectives and strategy.
Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company’s Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
SOURCE Axiom Capital Advisors Inc.
Featured image: ©