VANCOUVER, Feb. 24, 2020 /CNW/ - Belkorp Industries Inc.
("Belkorp") is pleased to announce that it has today
acquired 7,500,000 common shares (the "Purchased Shares") of
Founders Advantage Capital Corp. (TSX-V: FCF) ("Founders
Advantage") at a purchase price of $1.75 per Purchased Share, for an
aggregate purchase price of $13.125 million.
Immediately prior to the acquisition of the Purchased Shares,
Belkorp did not own any securities of Founders Advantage. With the
acquisition of the Purchased Shares, Belkorp holds approximately
19.6% of the issued and outstanding common shares of Founders
Advantage (on a non-diluted basis).
The Purchased Shares were acquired in open-market purchases
through the facilities of the TSX Venture Exchange, facilitated by
a Canadian broker-dealer, as agent for Belkorp, and were acquired
for investment purposes. Belkorp has a long-term view of the
investment and does not intend at this time to acquire any
additional common shares of Founders Advantage, or dispose of any
of the Purchased Shares, but may in the future increase or decrease
its shareholding in Founders Advantage, depending on market
conditions, reformulation of plans and/or other relevant
factors.
SOURCE Belkorp Industries Inc.