FAX Capital Corp. Announces Shares to Resume Trading February 4, 2019; Appointment of John F. Driscoll as Chairman
TORONTO, Feb. 04, 2019 (GLOBE NEWSWIRE) -- FAX Capital Corp. (the Corporation) is pleased to announce that, further to its news release dated December 17, 2018, the Canadian Securities Exchange (the CSE) issued its final bulletin confirming that the Corporation’s Subordinate Voting Shares have been approved for listing on the CSE. Trading is expected to resume when the markets open February 4, 2019 under the stock symbol “FXC”.
On June 20, 2018, the Corporation requested that, in accordance with CSE rules relating to such matters, the CSE halt trading of its common shares (as they were then classified) pending receipt of the required approvals from the Corporation’s shareholders and the CSE in respect of the following recently completed matters:
the Corporation’s name change from “God’s Lake Resources Inc.” to “FAX Capital Corp.” (the Name Change);
the Corporation’s capital reorganization whereby it created a new class of multiple voting convertible shares which are classified as “Multiple Voting Shares” in an unlimited number and reclassified its common shares as “Subordinate Voting Shares” (collectively, the Capital Reorganization);
the completion of a private placement (the Share Issuance) pursuant to which FAX Investments Inc. subscribed for 5,555,555 Multiple Voting Shares at a price of $0.72 each (for proceeds of approximately $4,000,000);
the consolidation of its issued and outstanding Multiple Voting Shares (including the Multiple Voting Shares issued pursuant to the Share Issuance) and Subordinate Voting Shares, each consolidated on the basis of 3.7 pre-consolidation shares being consolidated into one (1) post-consolidation share (the Consolidation); and
the Corporation’s change in business from a mineral resource exploration company to an investment holding company (the Change of Business).
As at the date hereof (subsequent to the completion of the Share Issuance and Consolidation on December 17, 2018), 1,501,502 Multiple Voting Shares and 2,495,536 Subordinate Voting Shares of the Corporation are issued and outstanding.
Shareholder approval in respect of these matters was obtained at a special meeting held on November 23, 2018. A listing statement further describing the Corporation and, among other things, the Name Change, the Capital Reorganization, the Share Issuance, the Consolidation and the Change of Business, prepared in accordance with the policies of the CSE, is available on SEDAR at www.sedar.com.
Appointment of John F. Driscoll as Chairman
The Corporation is also pleased to announce that the board of directors has appointed John. F. Driscoll as a director and Chairman of the Corporation’s board of directors. Mr. Driscoll has an extensive history in Canadian business and capital markets and his experience will be an invaluable asset to the Corporation.
Mr. Driscoll was the founding Chairman and a director of Sentry Investments Inc. (Sentry), a leading independent Canadian investment firm which grew in assets under management to approximately $19 billion from 1997 to 2017. In 2017, Sentry was sold to CI Financial Corp. for $780 million. He also founded and was the Chairman of NCE Resources Group from 1984 to 2007, a company which focussed on drilling and development of oil and gas properties and resource investing. He was the founder and Chairman of Petrofund Energy Trust, an oil and gas acquisition entity, from 1988 to 2006. In 2006, Petrofund Energy Trust was sold to PennWest Energy Trust for $3.7 billion, creating the largest energy trust in North America at the time with an enterprise value of approximately $11 billion. He has been the Chairman of InterPipeline Limited (InterPipeline) from 2002 through to 2013 when he retired from the board of directors. InterPipeline is a major petroleum transportation, natural gas liquids extraction and bulk liquid storage business based in Calgary with operations in Western Canada and Europe. Mr. Driscoll acquired control of InterPipeline when its enterprise value was approximately $700 million. By 2013, under his leadership and guidance, the company had grown to an enterprise value of approximately $12 billion. Mr. Driscoll was the founder of both Allied Oil & Gas Corp. and Endev Energy Inc., holding the position of Chairman from 1999 to 2001 and from 2002 to 2008, respectively. After building both companies, Allied Oil & Gas Corp. was sold to the City of Medicine Hat and Endev Energy Inc. was sold to PennWest Energy Trust. He was the founder and Chairman of C.A. Bancorp Inc., a private equity company focused on the acquisition of mid-cap industrials, from 2005 to 2011. He was the founder and Chairman of Charter Real Estate Investment Trust, which specialized in the acquisition of shopping centres, from 2007 to 2010. He also has founded numerous public limited partnerships as well as public and private energy and investment-related companies. During his career, Mr. Driscoll raised over $30 billion in Canadian capital markets for enterprises he controlled. Mr. Driscoll received his Bachelor of Science degree from the Boston College Business School and attended the New York Institute of Finance for advanced business studies. He is a member of the CFA Institute and also attained the professional manager designation with the Canadian Institute of Management.
FAX Capital Corp.
The Corporation is an investment holding company that intends to engage in the direct or indirect ownership of high-quality, public and private companies in Canada and, to a lesser extent, the United States. The Corporation’s business objective will focus on maximizing its intrinsic business value on a per share basis over the long-term by achieving superior investment performance with less-than-commensurate risk.
For additional information please contact:
General Counsel and Corporate Secretary
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Any such forward-looking information may be identified by words such as “proposed”, “expects”, “may”, “will”, and similar expressions. Forward-looking information contained or referred to in this press release includes, but may not be limited to, the date on which the Corporation’s Subordinate Voting Shares will resume trading on the CSE and the future strategy and business objectives of the Corporation.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Corporation’s intended investment objective. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of the Corporation based on information currently available to the Corporation.
Forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Corporation disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise