Allen-Vanguard files final prospectus and sets record date for rights offering

About this update from Verisante Technology, Inc.

[{"type":"text","content":"\n\n\n\nOTTAWA, Feb. 11 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Ontario, Canada today announced\nthe filing of its final short form prospectus dated February 10, 2009 in each\nof the provinces and territories of Canada in respect of the previously\nannounced rights offering of subscription receipts for gross proceeds of\napproximately $100 million (the "Rights Offering").\n\n\nEach holder of record of Allen-Vanguard common shares as of the close of\nbusiness on February 20, 2009 will receive one right for each Allen-Vanguard\ncommon share held. Each right will entitle the holder thereof to acquire\n3.2133 subscription receipts at an exercise price of $0.285 per subscription\nreceipt (the "Basic Subscription Privilege"). The Rights may be exercised\ncommencing February 27, 2009 and will expire at 4:00 p.m. (Toronto time) on\nMarch 20, 2009 (the "Expiry Date"). Holders of rights who fully exercise their\nrights under the Basic Subscription Privilege will be entitled to subscribe on\na pro rata basis for additional subscription receipts, if available, that were\nnot subscribed for by other holders of rights pursuant to their Basic\nSubscription Privilege, on or before the Expiry Date.\n\n\nEach whole subscription receipt entitles the holder thereof to receive,\nwithout payment of additional consideration, one Allen-Vanguard common share\nprovided the Company delivers, at or before 11:59 p.m. (Toronto time) on April\n17, 2009 (the "Release Deadline"), a certificate to CIBC Mellon Trust Company\n("CIBC Mellon"), in its capacity as subscription receipt agent, confirming\nthat all of the conditions to the completion of the plan of arrangement among\nAllen-Vanguard, Tailwind Financial Inc. and AV Acquisition Corp. (the\n"Arrangement") have been satisfied or waived (the "Release Condition"). If the\nRelease Condition is satisfied at or before the Release Deadline, the gross\nproceeds from the Rights Offering will be released as directed by the Company.\nIn the event that the Release Condition is not satisfied at or before the\nRelease Deadline or if at any time the Company delivers a written notice to\nthe CIBC Mellon advising that the Release Condition will not be satisfied,\neach subscri...

More updates from Verisante Technology, Inc.