This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
CALGARY, Alberta, Dec. 18, 2017 (GLOBE NEWSWIRE) -- J. Patrick Cashion of Calgary, Alberta, President, Chief Executive Officer and a Director of Vitreous Glass Inc., ("Vitreous"), along with Meredith Cashion, Mr. Cashion's spouse and a director of Vitreous, announce that J. Patrick Cashion, Meredith Cashion, and a corporation owned by them ("Holdco"), acting jointly (collectively, the "Cashion Group"), have ceased to have control or direction over the voting rights 150,000 common shares ("Common Shares") in connection with a private transaction which took place on December 15, 2017 (the "Transaction").
The Transaction involved the disposition of 300,000 Common Shares governed by an agreement wherein Holdco exercised voting control over the Common Shares (the "Agreement"). Of the 300,000 Common Shares disposed of in the Transaction, Meredith Cashion acquired direct beneficial ownership over 150,000 Common Shares, which she purchased at a price of $3.25 per Common Share. The remaining 150,000 Common Shares were acquired by third parties as part of the Transaction. As a result of the Transaction and the termination of the Agreement, the Cashion Group has ceased to have control or direction over the voting rights of 150,000 Common Shares, representing approximately 2.39% of the currently issued and outstanding shares of the Corporation.
Prior to the Transaction, the Cashion Group had beneficial ownership of, or control or direction over a total of 2,748,927 Common Shares, representing 43.75% of the currently issued and outstanding Common Shares of the Corporation, including 535,000 (8.51%) Common Shares owned by third parties, which Holdco exercised voting control over. Following completion of the Transaction, the Cashion Group has beneficial ownership of, or control or direction over 2,598,927 Common Shares, representing 41.36% of the currently issued and outstanding Common Shares of the Corporation, including 235,000 (3.73%) Common Shares owned by third parties, which Holdco exercises voting control over.
Following the Transaction and as a result of the acquisition of 150,000 Common Shares thereunder, Meredith Cashion beneficially owns 843,679 Common Shares representing 13.4% of the currently issued and outstanding Common Shares of the Corporation. J. Patrick Cashion beneficially owns 1,520,248 Common Shares representing 24.19% of the currently issued and outstanding Common Shares of the Corporation.
Meredith Cashion acquired the securities for investment purposes. Each of J. Patrick Cashion, Meredith Cashion, or Holdco may, depending on market and other conditions, increase or decrease their ownership of additional securities of Vitreous, whether in the open market, by privately negotiated agreement or otherwise.
A report respecting this acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on Vitreous’s profile at www.sedar.com.
For further information, please contact:
VITREOUS GLASS INC.
Pat Cashion, President and Chief Executive Officer
(403) 948-7811
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