Canada NewsWire
TORONTO, June 28, 2018
TORONTO, June 28, 2018 /CNW/ - Gencan Capital Inc. ("Gencan") (CSE – "GCA" – Common) is pleased to announce that its previously announced proposed sale (the "Transaction") by Gencan to Highroad Estates Inc. ('Highroad") of Gencan's renewable power solar PV rooftop assets (the "Photovoltaic Plant") was today overwhelming approved by Gencan's Shareholders at a meeting called for that purpose. A complete copy of the Purchase Agreement can be found on SEDAR at www.sedar.com.
The Photovoltaic Plant is located on an approximately 120,000 square foot portion of the roof at 450 Dobbie Drive, Cambridge, Ontario. The sale of the Photovoltaic Plant represents the sale of all or substantially all of the assets of Gencan.
The consideration to be paid by Highroad to Gencan for the Photovoltaic Plant is an aggregate of $2,635,000 (subject to customary closing adjustments) and consists of: a) a cash payment of $577,030; and b) an assumption of a loan payable by Gencan in the amount of $2,057,970.
The Closing Date of the Transaction will occur on or about July 4, 2018, following satisfaction of all the conditions in the Purchase Agreement.
SOURCE Gencan Capital Inc.
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Stan Abramowitz, Secretary, (416) 920-0500Copyright CNW Group 2018