Anthony Clark- Cancellation of Shares Previously Issued For Cancellation of Debt
CALGARY, Alberta--(BUSINESS WIRE)-- ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD. (TSX Venture Exchange:"ACL"; OTCQX: "ACKBF") (the "Corporation") has made application with the TSX Venture Exchange to cancel common shares.
In 2007 the Corporation and its subsidiaries entered into a loan agreement with a U.S. lender for the principal amount of U.S. $3,250,000. The loan agreement was amended in January, 2010 so that the U.S. lender agreed to accept 4.0% of the interest payments due in common shares of the Corporation. In February 2011, the Corporation received approval from the TSX Venture Exchange to issue 314,287 common shares priced at $0.41 per common share at an amount of $128,857.54 Cdn. in partial satisfaction of the amounts owed.
The Corporation and its affiliates subsequently entered into a settlement agreement dated effective February 21, 2012 under which the parties agreed to cancel the 314,287 common shares at the deemed issue price of $0.41 per common share. The cancellation of any common shares of the Corporation under the settlement agreement is subject to any and all required regulatory approvals and the acceptance of the TSX Venture Exchange.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statement inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Corporation's ability to close the proposed transaction. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Corporation's public filings under "Risk Factors". The Corporation undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.
On behalf of
ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD.
Tony Consalvo, C.E.O.
To view this press release as a webpage, please click on the following link:
Anthony Clark International Insurance Brokers Ltd.
Mr. Tony Consalvo, C.E.O.
KEYWORDS: United States North America Canada Washington
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