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Hardwoods Announces Closing Conditions Satisfied for Acquisition of Rugby Architectural Building Products and Exchange of Subscription Receipts
Hardwoods Announces Closing Conditions Satisfied for Acquisition of Rugby Architectural Bu...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\n\nHardwoods Announces Closing Conditions Satisfied for Acquisition of Rugby Architectural Building Products and Exchange of Subscription Receipts\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nHardwoods Announces Closing Conditions Satisfied for Acquisition of Rugby Architectural Building Products and Exchange of Subscription Receipts\nCanada NewsWire\nLANGLEY, BC, July 15, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nLANGLEY, BC, July 15, 2016 /CNW/ - Hardwoods Distribution Inc. (\"Hardwoods\" or the \"Company\") (TSX: HWD) today announced that all conditions precedent to completing the Company's previously announced acquisition (the \"Acquisition\") of substantially all of the assets used in the business of Rugby Acquisition, LLC and its subsidiaries, collectively doing business as \"Rugby Architectural Building Products\" (collectively, \"Rugby\"), other than the payment of the purchase price and such other conditions that by their nature may only be satisfied at the closing time for the Acquisition have been satisfied or waived.  Accordingly, the escrowed proceeds from the Company's previously completed offering (the \"Offering\") of 3,966,350 subscription receipts (the \"Subscription Receipts\") have been released from escrow and will be used to fund a portion of the purchase price for the Acquisition and to pay the remaining underwriters' fees and expenses for the Offering. The closing of the Acquisition is expected to be completed today.\n\nInformation for Holders of Subscription Receipts\n\nEach of the Subscription Receipts has been deemed to be automatically exchanged for one common share (each an \"Underlying Common Share\") of the Company in accordance with the terms of the subscription receipt agreement. \n\nThe Toronto Stock Exchange (\"TSX\") is expected to promptly announce that trading in the Subscription Receipts has been halted, that the Subscription Receipts will be de-listed at the close of trading today and that the Underlying Common...