Business
Coloured Ties Provides Corporate And SIB Updates
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - Coloured Ties Capital Inc. (TSXV:...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"Coloured Ties Provides Corporate And SIB UpdatesVancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) (\"CTI\" or the \"Company\") is pleased to announce, further to the Company's news release on June 12, 2023 announcing the Company's substantial issuer bid (the \"Offer\") under which the Company will offer to purchase for cancellation up to C$9,000,000 of its outstanding common shares (the \"Shares\"), that the Offer is awaiting regulatory approvals and is expected to commence on or about July 24, 2023 and the expiry date of the Offer is expected to be on or about August 28, 2023.The Offer is being made by way of a \"modified Dutch auction,\" which will allow shareholders who choose to participate in the Offer to individually select the price, with a range of not less than C$0.92 per Share and not more than C$1.00 per Share (in increments of $0.01 per Share), at which they are willing to sell their Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than C$1.00 per Share and not less than $0.92 per Share) (the \"Purchase Price\") that will allow it to purchase the maximum number of Shares tendered to the Offer, and not withdrawn, having an aggregate purchase price not exceeding C$9,000,000.Shareholders who wish to participate in the Offer will be able to do so through (i) auction tenders in which they specify the number of Shares being tendered at a specific price per Share, or (ii) purchase price tenders in which they agree to have a specified number of Shares purchased at the purchase price to be determined pursuant to the auction and have their Shares considered as having been tendered at the minimum price of $0.92 for the purposes of determining the purchase price. Shareholders who validly deposit Shares without specifying the method in which they are tendering their Shares will be deemed to have made a purchase price tender.If the Offer would result in an aggregate purchase price of more than C$9,000,000, the Company will purchase a pro-rated portion of the Shares so tendered pursuant to auction tenders at or below the Purchase Price and purchase price tenders (after giving preferential treatment to \"odd lot\" holders).The Offer is optional for all shareholders, who are free to choose whether to participate, how man...