VANCOUVER, Oct. 16, 2019 /CNW/ - Itasca Capital Ltd. (TSX-V:
ICL) ("Itasca" or "Company") today announced entering into the
Distribution and Redemption Agreement ("Agreement") with 1347
Investors LLC ("1347") and other 1347 investors on September 30, 2019 ("Effective Date"). The
Agreement represents the terms of final distribution from 1347
Investors LLC to its investors, including to the Company.
Itasca invested US$10 million in
Class A interests of 1347 in July
2016 and has already received a US$4
million cash distribution from 1347 in February 2018. Pursuant to the terms of the
Agreement, Itasca will receive approximately US$9 million cash and 61,769 common shares of
Limbach Holdings Inc. (Nasdaq: LMB) as part of final distribution
from 1347 to its investors. The closing of the transactions
contemplated by the Agreement will occur as soon as practicable
after the Effective Date, but in no event prior to 1347 receiving
any requisite approval under Limbach Holdings Inc.'s insider
trading policy ("Required Approval"). Distribution of assets will
not occur until the Agreement is closed upon receipt of Required
Approval.
Management Comments:
Larry G. Swets, Jr., Chief Executive
Officer and Director, stated, "We are pleased to conclude the final
monetization terms of our investment in 1347 Investors, which will
provide us significant liquidity for future opportunities. We will
continue to develop further opportunities that deliver value to
Itasca and our shareholders."
Neither TSXV nor its Regulation Services Provider (as that
term is defined in policies of the TSXV) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE Itasca Capital Ltd.