Mosaic Capital Corporation Announces Initiation of Normal Course Issuer Bid
Calgary, Alberta (FSCwire) - Mosaic Capital Corporation ("Mosaic") (TSX-V Symbols: M, M.PR.A and M.WT) announced today that it has obtained the approval of the TSX Venture Exchange (the "TSXV") to initiate a normal course issuer bid (the "Bid") for its common shares (the "Shares") (Symbol: M) beginning on September 10, 2015. Mosaic believes that if the market price of the Shares does not fully reflect their underlying value that the purchase of such securities could be an attractive and appropriate use of corporate funds. As of the date hereof, 8,476,955 Shares are issued and outstanding.
Under the rules of the TSXV Mosaic has received approval to acquire up to 423,847 Shares under the Bid, representing approximately 5% of the issued and outstanding Shares as of the date hereof. Subject to renewal of the Bid, the Bid for the Shares will terminate on the earlier of September 1, 2016 and the date on which Mosaic has acquired the maximum number of Shares permitted under the Bid. All Shares purchased will be cancelled. The actual number of Shares purchased (if any), the time of the purchases and the prices at which such securities are purchased will depend on future market conditions. Market purchases of the Shares will be conducted by Mackie Research Capital Corporation.
Mosaic may enter into a pre-defined plan with Mackie Research Capital Corporation to allow for the purchase of Shares at times when Mosaic ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise.
In addition to the foregoing Mosaic may also, from time to time, continue to make market purchases of its preferred securities ("Preferred Securities") (Symbol: M.PR.A). These purchases will be effected in accordance with the indenture governing the Preferred Securities and will predominantly be made where Mosaic determines that such purchases would be an appropriate use of corporate funds. All Preferred Securities purchased by Mosaic will be cancelled. The actual number of Preferred Securities purchased by Mosaic (if any), the timing of the purchases and the prices at which such securities are purchased will depend on future market conditions. Market purchases of the Preferred Securities will be conducted by Mackie Research Capital Corporation. There is no date upon which purchases of Preferred Securities are required to cease.
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is an investment company based in western Canada that owns a portfolio of established businesses with competitive advantages that have a history of generating cash flow from their operations. Mosaic's objective is to create long term value for its shareholders and business partners and to have that reflected in its share price. Mosaic believes that this is achieved by growing free cash flow per share and retained earnings. Mosaic does this by acquiring businesses it understands at attractive prices, managing risk through extensive due diligence, creative transaction structuring and working closely with subsidiary businesses after acquisition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tim Taylor
Vice President
Mosaic Capital Corporation
400, 2424 – 4th Street SW
Calgary, AB T2S 2T4
T: (403) 270-4658
E: ttaylor@mosaiccapitalcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains forward-looking information and statements within the meaning of applicable Canadian securities laws (herein referred to as "forward-looking statements") that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All information and statements in this news release which are not statements of historical fact may be forward-looking statements. The words "believe", "expect", "intend", "estimate", "anticipate", "project", "scheduled", and similar expressions, as well as future or conditional verbs such as "will", "should", "would", and "could" often identify forward-looking statements. In particular this news release contains forward-looking statements regarding Mosaic’s potential future purchase and cancellation of Shares and Preferred Securities, the duration of Mosaic’s normal course issuer bid, and other matters relating to Mosaic’s normal course issuer bid in respect of its Shares. These forward-looking statements are only predictions and are based on management’s beliefs and assumptions based on information available at the time the assumption was made and on its experience and perception of historical trends, current conditions for its securities, and expected further developments as well as other factors deemed appropriate in the circumstances. Actual results and events may differ materially from those contemplated by these forward-looking statements. Undue reliance should not be placed on these forward-looking statements as there can be no assurance that the plans or expectations upon which they are based will occur.
Information respecting factors that could affect the operations or financial results of Mosaic and its subsidiaries are included in reports on file with applicable securities regulatory authorities (including, in particular, Mosaic's most recent annual information form for the year ended December 31, 2014) and may be accessed through the SEDAR website (www.sedar.com) under the profile for Mosaic.
Any forward-looking statements herein contained are made as of the date of this news release and Mosaic does not assume any obligation to update or revise them to reflect new information, events or circumstances, except as required by law.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/mosaic09042015.pdf
Source: Mosaic Capital Corporation (TSX Venture:M) http://www.mosaiccapitalcorp.com/
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