MONTREAL, Feb. 10, 2015
/CNW Telbec/ - Mr. Paul Nassar of
Montreal, Québec has acquired
ownership and control over all of the issued and outstanding shares
of Hart Stores Inc. ("Hart Stores") as a result of the
amalgamation effective February 6, 2015 of Hart Stores and
9102221 Canada Inc. Prior to the amalgamation, Mr.
Nassar had indirect ownership and control over all of the issued
and outstanding shares of 9102221 Canada Inc. In the
amalgamation, all of the 13,662,296 issued and outstanding common
shares of Hart Stores were cancelled; shareholders will receive
$0.20 in cash for each share held in
consideration for the cancellation of the shares. In the
amalgamation, all of the issued and outstanding common shares of
9102221 Canada Inc. were converted on a one-for-one basis into
shares of the corporation resulting from the amalgamation, which
corporation is named "Hart Stores Inc. / Magasins Hart Inc."
("Amalco"). The total amount to be paid to the former
shareholders of Hart Stores is approximately $2.73 million.
As a result, immediately after the amalgamation, Mr. Nassar
indirectly owns and controls 100 common shares of Amalco,
representing 100% of the issued and outstanding common shares of
Amalco, and does not own or control any common share purchase
warrants or stock options of Amalco.
9102221 Canada Inc. entered into the amalgamation with Hart
Stores in order for Mr. Nassar to acquire Hart Stores.
This news release is being issued under the early warning
provisions of Canadian provincial securities legislation.
Mr. Nassar has filed an early warning report in respect of the
amalgamation on SEDAR under Hart Stores' company profile.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Hart Stores Inc.