TORONTO, July 15, 2022 (GLOBE NEWSWIRE) -- GRIP Investments Limited (“GRIP Investments”) and John Carswell announced today that GRIP Investments (a corporation majority beneficially owned and controlled by John Carswell) filed on SEDAR (www.sedar.com) an Early Warning Report with respect to Class A Multiple Voting Shares (“MVS”) and Class B Subordinate Voting Shares (“SVS” and collectively with the MVS, the “Shares”) of Canso Select Opportunities Corporation (the “Issuer”).
On June 24, 2022, GRIP Investments redeemed (the “Redemption”) in-kind 717,815 MVS and 24,068 SVS from Canso Partners II Fund (the “Fund”) at a deemed value of $1.85 per MVS and $1.85 per SVS for a total deemed value of $1,372,483.55.
Prior to the Redemption, GRIP Investments had beneficial ownership indirectly through the Fund of (i) 717,815 MVS representing approximately 44.54% of the 1,611,460 issued and outstanding MVS; and (ii) 24,068 SVS representing approximately 2.06% of the 1,166,738 issued and outstanding SVS. Assuming conversion of all MVS indirectly owned by GRIP Investments into SVS, GRIP Investments would have owned indirectly approximately 39.37% of the SVS of the Issuer.
Prior to the Redemption, Mr. Carswell had control or direction and beneficial ownership of, directly and indirectly through GRIP Investments, (i) 754,579 MVS representing approximately 46.83% of the 1,611,460 issued and outstanding MVS; and (ii) 29,462 SVS representing approximately 2.53% of the 1,166,738 issued and outstanding SVS. Assuming conversion of all MVS beneficially owned or controlled by Mr. Carswell into SVS, Mr. Carswell would have owned beneficially approximately 40.81% of the SVS of the Issuer.
As a result of the Redemption, GRIP Investments now has direct ownership and control of (i) 717,815 MVS representing approximately 44.54% of the 1,611,460 issued and outstanding MVS; and (ii) 24,068 SVS representing approximately 2.06% of the 1,166,738 issued and outstanding SVS. Assuming conversion of all MVS owned by GRIP Investments into SVS, GRIP Investments would own and control approximately 39.37% of the SVS of the Issuer.
Following the Redemption, Mr. Carswell continues to have control or direction and beneficial ownership of (i) 754,579 MVS representing approximately 46.83% of the 1,611,460 issued and outstanding MVS; and (ii) 29,462 SVS representing approximately 2.53% of the 1,166,738 issued and outstanding SVS. Assuming conversion of all MVS beneficially owned by Mr. Carswell into SVS, Mr. Carswell would own beneficially and control approximately 40.81% of the SVS of the Issuer.
The MVS and SVS held by GRIP Investments and Mr. Carswell as a result of the Redemption are being held for investment purposes. GRIP Investments and Mr. Carswell may, depending on market, general economic, industry and other conditions, increase or decrease their respective ownership or control of MVS or SVS for investment purposes whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
Canso Select Opportunities Corporation is located at 100 York Blvd., Suite 550, Richmond Hill, ON, L4B 1J8. A copy of the early warning report with respect to the foregoing will appear on the company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
For further information or to obtain a copy of the early warning report filed in connection with this matter, please contact:
GRIP Investments Limited
Attn: John Carswell
Tel: 905-881-8853
