Business
Mosaic Capital Corporation Announces Date for Redemption of 10% Perpetual Preferred Securities and Series A Shares and Retraction of Private Yield Securities
Mosaic Capital Corporation Announces Date for Redemption of 10% Perpetual Preferred Securi...
About this update from Myriad Uranium Corp
[{"type":"text","content":"\n\n\n\nMosaic Capital Corporation Announces Date for Redemption of 10% Perpetual Preferred Securities and Series A Shares and Retraction of Private Yield Securities\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\n\n\nCanada NewsWire\nCALGARY, Jan. 9, 2017\n\n\n\nCALGARY, Jan. 9, 2017 /CNW/ - Mosaic Capital Corporation (\"Mosaic\") (TSX-V Symbols: M, M.PR.A and M.DB) announced today that, further to Mosaic's news release dated December 22, 2016 announcing that Mosaic had entered into an agreement pursuant to which Fairfax Financial Holdings Limited through certain of its subsidiaries has agreed to invest $150,000,000 in Mosaic on a private placement basis (the \"Offering\"), the completion of the Offering is expected to occur in late January 2017. Subject to the closing of the Offering, all of Mosaic's outstanding 10% unsecured subordinated perpetual preferred securities (the \"10% Preferred Securities\") and series A preferred shares (the \"Series A Shares\") will be redeemed on February 10, 2017 (the \"Redemption Date\") and all of Mosaic's outstanding 9.25% private yield securities (the \"Private Yield Securities\") will be retracted on the Redemption Date. Upon completion of the retraction of the Private Yield Securities, all outstanding warrants to purchase Private Yield Securities will expire in accordance with their terms.\n\nApplicable notices have been delivered to the trustees in respect of the redemption of the 10% Preferred Securities and the retraction of the Private Yield Securities. \n\nOn the Redemption Date, the following amounts will be payable by Mosaic in respect of the redemption of the 10% Preferred Securities and Series A Shares and the retraction of the Private Yield Securities:\n\n\n$10.1096 for each $10 principal amount of 10% Preferred Securities for an aggregate redemption cost of approximately $105 million; \n$1,010.137 for each $1,000 principal amount of Private Yield Securities for an aggregate retraction cost of approximately $26.5 million; and \n$10.1096 for each Series A Share for an aggregate redemption cost of approximately $0.9 mil...