Coloured Ties Announces Successful Completion of the Substantial Issuer Bid
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2023) - Coloured Ties Capital Inc. (TSXV: TIE) ("CTI" or the "Company") today announced today that it has taken up and purchased for cancellation a total of 5,192,307 common shares ("Shares") at a price of $0.65 per Share under its substantial issuer bid ("SIB") for an aggregate purchase price of approximately $3.375 million. The Shares purchased represent approximately 23.5% of the total number of the Company's issued and outstanding Shares at the time the SIB was announced in October 2022. After giving effect to the SIB, the Company will have 16,919,552 Shares issued and outstanding.
Payment for the Shares accepted for purchase under the SIB will be effected by Computershare by January 27, 2023 in accordance with the SIB and applicable law
An aggregate of approximately six million Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders.
The full details of the SIB are described in the offer to purchase and issuer bid circular dated December 2, 2022, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Company's shares.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151683