CALGARY,
AB, Feb. 18, 2025 /CNW/ - Crown Capital
Partners Inc. ("Crown" or the "Corporation") (TSX: CRWN) today
announces that it has completed a non-brokered private placement
offering (the "Offering") of 84,000 common shares of the
Corporation ("Common Shares") at a price of $1.50 per Common Share for gross proceeds of
$126,000. The net proceeds
received by the Corporation from the Offering will be used for
general working capital purposes.
John Brussa, an insider of the
Corporation, purchased all of the Common Shares sold pursuant to
the Offering (the "Insider Subscription"). The Insider
Subscription is considered to be a "related party transaction" for
the purposes of Multilateral Instrument 61-101 Protection of
Minority Security Holders in Special Transactions ("MI 61-101"). In
accordance with MI 61-101, the Corporation is not required to
obtain a formal valuation or minority approval of the Offering due
to the fact that it may rely on an exemption to those requirements
contained in MI 61-101, namely that the fair market value of the
Offering is not more than 25% of the market capitalization of the
Corporation.
All securities issued in connection with the Offering are
subject to a hold period of four-months and one day from the date
that they were issued.
The final closing of the Offering is subject to receipt of all
necessary approvals, including the approval of the Toronto Stock
Exchange.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall it
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful. These
securities have not been, and will not be, registered under the
United States Securities Act of 1933, as amended, or any state
securities laws, and may not be offered or sold in the United States or to U.S. persons unless
registered or exempt therefrom.
The Corporation also announces today that on February 18, 2025, the Corporation paid a cash
commitment fee of $126,000 to
John Brussa in connection with a
loan agreement dated August 12, 2024
between Mr. Brussa and a wholly owned subsidiary of the
Corporation. The cash payment accepted by Mr. Brussa in settlement
of the amount owed to him was at an approximate 40% discount to the
actual amount owed to him by the Corporation. Mr. Brussa used the
funds paid to him by the Corporation to purchase Common Shares
pursuant to the Offering.
About Crown Capital Partners (TSX:CRWN)
Founded in 2000 within Crown Life Insurance Company, Crown
Capital Partners is a capital partner to entrepreneurs and growth
businesses mainly operating in the telecommunications
infrastructure, distribution services, and distributed power
markets. We focus on growth industries that require a specialized
capital partner, and we aim to create long-term value by acting as
both a direct investor in operating businesses serving these
markets and as a manager of investment funds for institutional
partners. For additional information, please visit
crowncapital.ca.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward looking
statements" and certain "forward looking information" as defined
under applicable Canadian and U.S. securities laws. Forward-looking
statements can generally be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. Forward-looking statements in this news
release include, but are not limited to, statements, management's
beliefs, expectations or intentions regarding the closing of
the Offering and the use of the proceeds of the Offering.
Forward-looking statements are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions
that while believed by management to be reasonable, are inherently
subject to significant business, economic and competitive
uncertainties and contingencies. Forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors identified in the Crown's periodic filings with Canadian
securities regulators. See Crown's
most recent annual information form for a detailed discussion of
the risk factors affecting Crown. Crown undertakes no obligation to
update forward-looking information except as required by applicable
law. Such forward-looking information represents management's best
judgment based on information currently available. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information
SOURCE Crown Capital Partners Inc.
