Canadian private equity firm Wesley Clover International Corp. acquired an additional ownership interest in Ottawa-based mobile data solutions company ProntoForms Corp., formerly known as TrueContext Mobile Solutions Corp. Following the deal, WCIC will own up to 28.79% of the company’s outstanding common shares. ProntoForms was founded in 2001, and has been venture-backed since then by investors such as WCIC and Skypoint Capital.
Wesley Clover International Corporation acquires securities of ProntoForms Corporation
OTTAWA, Aug. 26, 2013, 2013 (Menafn – Canada NewsWire via COMTEX) –On August 26, 2013, Wesley Clover International Corporation (the “Acquiror”) acquired ownership of 2,000,000 common shares of ProntoForms Corporation (the “Corporation”) at a price of 0.06 per share pursuant to a private agreement. The trade was executed through the facilities of the TSX Venture Exchange. The acquired shares represent approximately 2.98% of the outstanding common shares of the Corporation.
Immediately following this acquisition, the Acquiror owned directly and through its wholly owned subsidiary Kanata Research Park Corporation an aggregate of 16,542,907 common shares of the Corporation and Warrants to purchase up to an aggregate of 3,878,473 common shares of the Corporation, representing approximately 28.79% of the outstanding common shares, calculated on a partially diluted basis (not including the exercise of any other securities convertible into common shares owned or controlled by any other holder).
The shares acquired on August 26, 2013 were acquired solely for investment purposes pursuant to an available exemption from formal take-over bid requirements by virtue of the private nature of the transaction. The Acquiror may in the future increase or decrease its ownership of securities of the Corporation from time to time depending upon the business and prospects of the Corporation and future market conditions.
Further details will be provided in an early warning report to be filed by the Acquiror on www.SEDAR.com.
SOURCE: Wesley Clover International Corporation
Paul Chiarelli, President and Chief Operating Officer Wesley Clover International
Corporation 390 March Road, Suite 110 Kanata, ONK2K 0G7 t: 613.271.6305
Photo courtesy of Shutterstock.