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Montfort Capital Announces Closing to Previously Announced Pivot Sale and Share Repurchases
Montfort Capital Announces Closing to Previously Announced Pivot Sale and Share Repurchases ...
About this update from Montfort Capital Corp
[{"type":"text","content":"\n\n\nMontfort Capital Announces Closing to Previously Announced Pivot Sale and Share Repurchases\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\n\n\n\n\nCanada NewsWire\n\n\nTORONTO, Nov. 4, 2025 /CNW/ - Montfort Capital Corp. (\"Montfort\" or the \"Company\") (TSXV: MONT), today announced that it has completed the previously announced sale (the \"Pivot Sale\") of Pivot Financial I Limited Partnership, Pivot Financial Services Inc. and 2862454 Ontario Inc. (collectively, the \"Pivot Group\") to Pivot Endgame Corp. (the \"Purchaser\"), an affiliate of an arm's length, third-party investment fund, pursuant to a securities purchase agreement (the \"Pivot SPA\") dated August 1, 2025, as amended on October 20, 2025, between the Company, the Purchaser, and an arm's length, third party investment fund affiliated with the Purchaser.\n\n\n\n\n\n\n\nConcurrently with the Pivot Sale, the Company also completed the previously announced repurchase and cancellation (the \"Flaro Transaction\") of 1,024,299 Series A Class A Preferred Shares and 2,397,368 common shares in the capital of the Company (collectively, the \"Repurchased Shares\") from Dan Flaro, president of the Pivot Group.\nPivot Sale Terms\nAt Closing of the Pivot SPA (\"Closing\"), the Company received $1,000,000 in cash consideration, with this amount paid to Pivot Financial I Limited Partnership (\"Pivot LP\") at the Company's direction in partial repayment of intercompany debt. The Purchaser also issued a promissory note to the Company in the aggregate amount of $1,278,541 (the \"VTB Note\"). \nThe VTB Note is non-interest bearing, not payable on demand and will be assignable to Pivot LP as Brightpath Capital Corporation repays indebtedness owed to Pivot LP under a secured demand promissory note dated August 24, 2024 (the \"Brightpath Receivable\"). The assignment of the VTB Note will set-off the indebtedness of the Company owed to Pivot LP under the Pivot-Montfort Note (as defined below) and management of the Brightpath Receivable and assignment of the VTB Note is governed by a three-party agreement executed...