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Coloured Ties Reminds Shareholders the Substantial Issuer Bid Expires on January 17, 2023
Vancouver, British Columbia--(Newsfile Corp. - January 5, 2023) - Coloured Ties Capital Inc. (TSX...
About this update from Coloured Ties Capital Inc
[{"type":"text","content":"Coloured Ties Reminds Shareholders the Substantial Issuer Bid Expires on January 17, 2023Vancouver, British Columbia--(Newsfile Corp. - January 5, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) (\"CTI\" or the \"Company\") reminds shareholders that the previously announced substantial issuer bid (the \"Offer\") under which the Company will offer to purchase for cancellation up to $3,375,000 of its outstanding common shares (the \"Shares\") will expire on January 17, 2023, unless extended, varied or withdrawn. Shareholders who wish to tender their shares are urged to tender their shares in advance of the deadline to ensure efficient processing time.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 $0.55 per Share and not more than $0.65 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 $0.65 per Share and not less than $0.55 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(the \"Purchase Price\") that will allow it to purchase the maximum number of Shares tendered to the Offer, and not withdrawn, having an aggregate purchase price not exceeding $3,375,000.Shareholders who wish to participate in the Offer will be able to do so through (i) auction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 $0.55 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 $3,375,000, 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 part...