RediShred Capital Corp. Announces Increase to Bought Deal Financing
Wednesday, June 19, 2019 9:00 AM
NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
MISSISSAUGA, ONTARIO / ACCESSWIRE / June 19, 2019 / RediShred Capital Corp. ("RediShred") (TSX-V: KUT) is pleased to announce that it has increased the size of its previously announced bought deal private placement with Acumen Capital Finance Partners Limited ("Acumen"). RediShred has increased the size of the underwriters' option from 1,580,000 common shares to 2,892,000 common shares. Assuming the exercise in full of the underwriters' option, RediShred will now issue an aggregate of 11,842,000 common shares ("Common Shares") at a price of $0.95 per Common Share for total gross proceeds of $11,249,900 (the "Offering").
The Common Shares will be offered by way of private placement in all provinces of Canada and certain other jurisdictions agreed to between Acumen and the Company. The closing of the Offering is expected to occur on or about July 4, 2019, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
RediShred intends to use the proceeds from the Offering to fund future acquisitions, and for general corporate purposes.
About the Corporation
Redishred Capital Corp is the owner of the PROSHRED® trademarks and intellectual property in the United States and Internationally. PROSHRED® shreds and recycles confidential documents and proprietary materials for thousands of customers in the United States in all industry sectors. PROSHRED® is a pioneer in the mobile document destruction and recycling industry and has the ISO 9001 certification. It is PROSHRED®'s vision to be the 'system of choice' and provide shredding and recycling services on a global basis. PROSHRED® currently services over 40 markets in the United States. Redishred Capital Corp is publicly traded on the TSX Venture Exchange (TSX VENURE: KUT). Additional information on Redishred can be found at: www.redishred.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Redishred Capital Corp. (TSX.V - KUT) Jeffrey Hasham, MBA, CPA, CA
Chief Executive Officer [email protected] www.redishred.com
Phone: (416) 849-3469 Fax: (905) 812-9448 or,
Redishred Capital Corp. (TSX.V - KUT) Kasia Pawluk, CPA, CA
Chief Financial Officer [email protected] www.redishred.com
Phone: (416) 204-0076 Fax: (905) 812-9448
Note: 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.
This news release contains forward looking statements that reflect the current expectations of management of Redishred and Redishred's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "may", "will", "estimate", "believe", "expect", "intend" and similar expressions have been used to identify these forward looking statements. These statements reflect current beliefs and are based on information currently available to management of Redishred. Forward looking statements necessarily involve known and unknown risks and uncertainties. A number of factors, including those discussed in the 2018 management discussion and analysis under "Risk Factors", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward looking statements. There can be no assurance that the expectations of management of Redishred will prove to be correct. Readers are cautioned that such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Redishred can give no assurance that actual results will be consistent with these forward-looking statements.
SOURCE: Redishred Capital Corp.