Prodigy Ventures Inc. Announces Return of Capital

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TORONTO, March 8, 2023 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced that the Board of Directors (the "Board") has approved a one-time return of capital of Cdn$0.041103 per share (the "Return of Capital") for holders of record of common shares of the Company ("Common Shares") on March 16, 2023 (the "Record Date") and payable in cash on March 22, 2023 (the "Payment Date").

In connection with the Return of Capital, the Board confirmed a reduction in the stated capital of the Common Shares by an aggregate amount equal to Cdn$$5,930,658 (the "Stated Capital Reduction"), which Stated Capital Reduction was previously approved by holders of Common Shares at a special meeting held on March 8, 2023.

Subject to confirmation from the TSX Venture Exchange, Prodigy expects the Common Shares to commence trading on a "due bill" basis at the opening of trading on March 15, 2023 and to commence trading "ex-distribution" on March 23, 2023. The due bill redemption date will be March 24, 2023.

About Due Bill Trading

Due bills represent entitlements to cash and will attach to the Common Shares between the first trading day prior to the Record Date and the Payment Date, allowing Common Shares to carry the value of the entitlement to the distribution until it is paid. When due bills are used, the ex-distribution date is deferred to the first trading day after the Payment Date.

About Prodigy Ventures Inc.

Prodigy delivers Fintech innovation. The Company provides leading edge platforms, including IDVerifact for digital identity, and tunl. for open banking and customer chat support, coupled with seamless integration of our partners best-of-breed Fintech platforms. Our services business, Prodigy Labs, which is the business being sold, provides technology services for digital transformation. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards.

Forward-Looking Statements

This press release includes forward-looking statements regarding Prodigy and its business. Such statements are based on the current expectations and views of future events of Prodigy's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding the distribution, including the expected per share amounts of the Return of Capital, the expected timing of the distribution and the use of due bills. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2022, a copy of which is filed on SEDAR at Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.

The per share amounts of the Return of Capital disclosed in this press release are based on the number of Common Shares outstanding as of close of business on March 8, 2023, being 144,287,403 Common Shares. The actual per share amount of the Return of Capital will be based on the number of Common Shares issued and outstanding as of close of business on the Record Date.

Neither 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.

SOURCE Prodigy Ventures Inc.


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