TORONTO, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Dealnet Capital Corp. (“Dealnet” or the “Company”) (TSX VENTURE: DLS) and Simply Group Acquisition Corp. (the “Offeror”), part of the Simply Group of Companies, are issuing a correction to the press release filed October 15, 2020 titled “Dealnet and Simply Group Acquisition Corp. Announce Successful Take-up of Shares under the Offer.” Due to a technical error that failed to report a valid tender before the expiry of the offer, the amount of common shares (“Common Shares”) being taken up and paid for under the offer has increased to 216,616,438 (representing approximately 76.58% of the issued and outstanding Common Shares). The aggregate consideration payable for the Deposited Shares is now C$34,658,630.08.
Immediately prior to taking up the Deposited Shares, Lawrence Krimker who beneficially controls the Offeror, owned or controlled 155,000 Common Shares (representing approximately 0.05% of the issued and outstanding Common Shares). Immediately after taking up the Deposited Shares, the Offeror owns or controls 216,616,438 Common Shares (representing approximately 76.58% of the issued and outstanding Common Shares).
All other information contained within the press release is accurate. The updated information contained above also serves as correction to information contained in the Offeror’s Notice of Extension dated October 14, 2020, which was mailed to shareholders of the Company on October 15, 2020.
Advisors
Dealnet has engaged Goodmans LLP as its legal advisor, Origin Merchant Partners as its financial advisor and Longview Communications & Public Affairs as its strategic communications advisor in connection with the Offer.
The Offeror has engaged Stikeman Elliott LLP as its legal advisor and Raymond James Ltd. as its financial advisor in connection with the Offer. Kingsdale Advisors is acting as information agent and depository.
Information on Depositing Your Common Shares
The Offeror has retained Kingsdale Advisors to act as depositary and information agent (the “Depositary and Information Agent”) for the Offer. Shareholders can obtain copies of the take-over bid circular and related Offer materials at no charge from the Depositary and Information Agent.
For additional information, Shareholders can contact the Depositary and Information Agent toll free in North America at 1-866-851-3214 or call collect outside North America at 416-867-2272 or by email at contactus@kingsdaleadvisors.com.
About Dealnet Capital Corp.
Dealnet is the parent company of subsidiaries operating in two market segments, consumer finance and call centre. The Company operates in the consumer finance segment in Canada through EcoHome Financial Inc. (“EcoHome”) and its call centre segment under the One Contact banner (“One Contact”). Dealnet’s head office is located at 130 King Street West, Suite 501, Toronto, ON M5X 1C7.
EcoHome is a specialty finance company serving the $20 billion Canadian home improvement finance market. EcoHome develops and supports consumer sales financing programs for approved dealers and distributors under agreements with original equipment manufacturers that supply a wide range of home improvement products to the retail market. Through a dealer network, EcoHome underwrites, originates, funds and services the prime quality loans and leases that homeowners need to finance the acquisition and
installation of capital assets that improve the quality, comfort and safety of their homes.
One Contact offers customer support services to both EcoHome and third-party institutions across Canada and the U.S.
For additional information please visit www.sedar.com.
About Simply Group
With more than $1.25 billion in assets under management, Simply Group (mysimplygroup.com) provides industry leading, high-efficiency, home comfort equipment and financing solutions to customers, to modernize their residential, commercial and industrial properties. Simply Group knows that its people are its greatest asset and is proud to be Great Place to Work-Certified since 2016. In 2020, Simply Group was named Best Business of the Year by the Canadian SME National Business Awards.
The Offeror is located at 2225 Sheppard Avenue East, Suite 800, North York, ON M2J 5C2.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks, including the effects of Covid-19, and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s most recent management’s discussion and analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
Contact Information
Dealnet Capital Corp.
Brent Houlden
Chief Executive Officer
(905) 695-8557 ext.1145
bhoulden@dealnetcapital.com
Simply Group Acquisition Corp.
Kingsdale Advisors
Toll free: 1-866-851-3214
Local: 416-867-2272
contactus@kingsdaleadvisors.com.
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Correction to Announcement of Simply Group Acquisition Corp.'s Successful Take-up of Dealnet Shares - GlobeNewswire
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