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| Home : Tuckamore Capital Management Inc. Provides Update on February 19, 2016 Meeting Matters and Waiver of Proxy Cut-Off |
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Feb 17
2016 |
Tuckamore Capital Management Inc. Provides Update on February 19, 2016 Meeting Matters and Waiver of Proxy Cut-Off |
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TORONTO, ONTARIO--(Marketwired - Feb. 16, 2016) - Tuckamore Capital Management Inc. (TSX:TX)(TSX:TX.DB.B) ("Tuckamore" or the "Company") provided an update today on its proposed refinancing transactions. As previously announced, the Company entered into a purchase agreement (the "Purchase Agreement") and a backstop commitment letter (the "Backstop Commitment Letter") with Canso Investment Counsel Ltd. (in its capacity as portfolio manager for and on behalf of certain accounts that it manages, "Canso") on January 26, 2016 whereby Canso has agreed to purchase up to: (i) $176,228,000 principal amount of 8.00% senior secured debentures due 2026 of the Company (the "Senior Secured Debenture Private Placement"); and (ii) up to $35,000,000 principal amount of 10.00% second lien secured convertible debentures due 2026 of the Company ("Convertible Secured Debentures"). A minimum of $25,000,000 in Convertible Secured Debentures will be purchased by Canso by way of private placement (the "Convertible Secured Debenture Private Placement"). The Company expects to offer up to $10,000,000 aggregate principal amount of Convertible Secured Debentures (the "Offered Debentures") to holders of its common shares pursuant to an offering (the "Rights Offering" and together with the Senior Secured Debenture Private Placement and the Convertible Secured Debenture Private Placement, the "Refinancing Transactions") of transferable rights, provided that Canso has committed pursuant to the Backstop Commitment Letter to purchase any Convertible Secured Debentures not otherwise purchased by shareholders pursuant to the Rights Offering. The Company is continuing to address the comments of the Ontario Securities Commission (the "OSC") in respect of its preliminary prospectus filed February 1, 2016 in respect of the Rights Offering (the "Preliminary Prospectus"). |
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| Source:http://www.marketwired.com/mw/release.do?id=2097335&sourceType=3 |
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