Allen-Vanguard Completes Rights Offering

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[{"type":"text","content":"\n\n\n\nOTTAWA, March 24 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Ontario, Canada announced the\ncompletion of its previously announced rights offering of subscription\nreceipts to eligible shareholders raising total gross proceeds of\napproximately CDN $14.1 million (the "Rights Offering").\n\n\nUnder the Rights Offering, investors subscribed for an aggregate of\n49,625,874 subscription receipts of the Company at a price of CDN $0.285 per\nsubscription receipt. The proceeds of the Rights Offering are being held in\nescrow by CIBC Mellon Trust Company ("CIBC Mellon"), in its capacity as\nsubscription receipt agent, pending satisfaction of the Release Condition (as\nherein defined).\n\n\nEach whole subscription receipt will be deemed exercised, without payment\nof additional consideration, for one Allen-Vanguard common share provided the\nCompany delivers, at or before 11:59 p.m. (Toronto time) on April 17, 2009\n(the "Release Deadline"), a certificate to CIBC Mellon confirming that all of\nthe conditions to the completion of the plan of arrangement among\nAllen-Vanguard, Tailwind Financial Inc. and AV Acquisition Corp. have been\nsatisfied or waived (the "Release Condition"). If the Release Condition is\nsatisfied at or before the Release Deadline, the gross proceeds from the\nRights Offering will be released as directed by the Company. In the event that\nthe Release Condition is not satisfied at or before the Release Deadline or if\nat any time the Company delivers a written notice to the CIBC Mellon advising\nthat the Release Condition will not be satisfied, each subscription receipt\nwill be repurchased from the holder thereof by the Company.\n\n\nForward looking statements\n\n\nThis press release may contain forward-looking statements, which reflect\nAllen-Vanguard and Tailwind's current expectations regarding future events,\nstrategy, expected performance and condition. Forward-looking statements\ninclude statements that are predictive in nature, that depend upon or refer to\nfuture events or conditions, or that include words such as "expects,"\n"anticipates," "plans," "believes," "estimates" or negative versions thereof\nand similar expressions including t...

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