2013-10-11 00:03:25 -
Toronto, Ontario CANADA, October 10, 2013 /FSC/ - Vic Alboini,("Alboini") announced his acquisition of 6,000,000 common shares of Jaguar Financial Corporation ("Jaguar") by private agreement from Northern Financial Corporation ("NFC") at $0.025 per share in settlement of a debt of $150,000 owing by NFC to Alboini.
The share transfer was approved by the disinterested shareholders of NFC at its annual meeting of shareholders on September 27, 2013 and approved by the TSX Venture Exchange. As a result of the acquisition of the 6,000,000 Jaguar common shares, Alboini currently owns or controls a total of 23,654,031 Jaguar common shares or approximately
21.68% of the total issued common shares of Jaguar.
As a result of the sale of the 6,000,000 Jaguar common
shares, NFC currently owns 20,315 Jaguar common shares. Alboini is Chairman and CEO of NFC and owns 31.4% of the total issued common shares of NFC.
Although there is no agreement between Alboini and NFC, the parties are treated as acting jointly and in concert with regard to their respective ownership of common shares of Jaguar. Alboini and NFC own or control a total of 23,674,346 common shares of Jaguar representing approximately 21.7% of the total issued common shares of Jaguar. In addition, Alboini has vested options to acquire 6,200,000 treasury common shares of Jaguar.
The transfer of shares was completed pursuant to the accredited investor exemption in section 2.3 of National Instrument 45-106 and was treated as an exempt take-over bid pursuant to section 100.1 of the Securities Act (Ontario). The parties also relied on the valuation exemption contained in section 5.5(b) of Multi-lateral Instrument 61-101.
Alboini acquired the common shares for investment purposes and for the purpose of settling a debt owing to him by NFC in the amount of $150,000. Alboini may, directly or indirectly, depending on market and other conditions, acquire beneficial ownership of, or control or direction over, additional common shares of Jaguar, through market transactions, private agreements or otherwise, in accordance with applicable securities legislation. Alboini or NFC may, depending on market and other conditions, sell any or all of their respective common shares.
FOR FURTHER INFORMATION PLEASE CONTACT:
Commerce Court North
25 King Street W.
To view the press release as a PDF file, please click on the following link:
Source: Northern Financial Corporation (TSX-V: NFC)
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