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SSC Security Services Corp. To Acquire Avante Logixx Inc., Creating The Largest Publicly-Traded Security Company In Canada
SSC Security Services Corp. To Acquire Avante Logixx Inc., Creating The Largest Publicly-...
About this update from Ssc Security Services Corp.
[{"type":"text","content":"\n \n \n \n SSC Security Services Corp. To Acquire Avante Logixx Inc., Creating The Largest Publicly-Traded Security Company In Canada\n \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 Canada NewsWire\n \n \n \n \n \n REGINA, SK\n \n and\n \n TORONTO\n \n ,\n \n Feb. 9, 2022\n \n /CNW/ - SSC Security Services Corp. (\"\n \n SSC\n \n \") (TSXV: SECU) (OTCQX: SECUF), is pleased to announce that it has entered into a definitive arrangement agreement (\"\n \n Arrangement Agreement\n \n \") to acquire Avante Logixx Inc. (\"\n \n Avante\n \n \") (TSXV: XX) (OTC: ALXXF), a\n \n Toronto\n \n -based provider of full service, elite security solutions for high-net-worth residential customers, as well as premium security protection for leading enterprise and commercial clients across\n \n Canada\n \n , through its operating subsidiaries Avante Security Inc. (\"\n \n ASI\n \n \") and Logixx Security Inc. (\"\n \n LSI\n \n \"), respectively.\n \n \n Pursuant to the terms of the Arrangement Agreement, SSC has agreed to acquire all of the issued and outstanding common shares of Avante (\"\n \n Avante Shares\n \n \") by way of a statutory plan of arrangement (\"\n \n Plan of Arrangement\n \n \") under the\n \n Business Corporations Act\n \n (\n \n Ontario\n \n ) (\"\n \n Transaction\n \n \"). Under the terms of the Plan of Arrangement, holders of Avante Shares (\"\n \n Avante Shareholders\n \n \") will receive a combination of cash and common shares in the capital of SSC (\"\n \n SSC Shares\n \n \"), as follows:\n \n $0.52\n \n per\n \n Avante Share\n \n in cash (\"\n \n Cash Consideration\n \n \"), plus 0.4155 of an SSC Share for each\n \n Avante Share\n \n held (\"\n \n Share Consideration\n \n \"). Based on the volume-weighted average price (\"\n \n VWAP\n \n \") of the SSC Shares on the TSX Venture Exchange (\"\n \n TSXV\n \n \") for the 20 trading days ending on\n \n February 8, 2022\n \n , the Share Consideration has an implied value of approximately\n \n $1.23\n \n per\n \n Avante Share\n \n which, when added to the Cash Consideration (together, the \"\n \n Consideration...