TORONTO, ON / ACCESSWIRE / July 9, 2021 / IC Capitalight Corp. (CSE:IC) ("Capitalight" or the "Company") announces that a related party has acquired 156 debenture units of Stone Investment Group Limited [CUSIP 861649AA9] ("Stone Debentures") at a price of $700 per debenture unit from clients of Rothenberg Capital Management Inc. ("Rothenberg") in exchange for free-trading common shares of Capitalight at a market price of $0.07 per share. Capitalight intends to acquire these units from the related party on similar terms.
Capitalight is already the largest known holder of Stone Debentures. The Company has continually acquired Stone Debentures since its initial investment position in 2019. Each Stone Debenture has a principal of $1,000 and is paying 7.5% interest per annum. The Stone Debentures were issued in 2006 and following various extensions, are currently expected to mature on December 28, 2021.
'After reviewing the business plans of IC Capitalight Corp., we recommended that our clients accept the offer since it will provide immediate liquidity while preserving the opportunity for growth " said Robert Rothenberg, CEO, of Rothenberg Capital Management Inc.
Rothenberg is a holistic wealth management firm in Canada with offices located throughout the Montreal region, Calgary, Kelowna and Ottawa. They are licensed through IIROC, the AMF and are members of the Canadian Investor Protection Fund. The firm has been supporting Canadians in reaching their financial goals for over 35 years and has assets under administration of approximately $1 billion.
For each $1,000 of Stone Debentures that were exchanged Rothenberg clients received $700 of free- trading Capitalight shares. The Rothenberg clients also crystalized a $300 capital loss from each disposition. Since IC Capitalight Corp. shares are eligible for registered accounts, whereas Stone Debentures are not eligible, Rothenberg clients that contribute the Capitalight shares into a registered account may realize an additional tax credit. As a result, the combination of Capitalight shares and tax credits could exceed the $1,000 face value of each Stone Debenture.
Holders of Stone Debentures interested in exchanging or selling should call Capitalight at (866) 653-9223.
About IC Capitalight Corp.
The Company operates as a merchant bank that pursues value-based investment opportunities in accordance with its internal investment policies. The current investment portfolio includes shares of Ethos Gold Corp. [ECC.tsxv] and Stone Debentures generating positive cash flows on a quarterly basis. The Capitalight Research Inc. subsidiary operates a proprietary subscription research business focused on preferred shares, gold, decarbonization, silver and economies. The portfolio of Quebec mineral exploration claims for Cu-Ni-Pt-Pd at Blue Lake are at an early stage of exploration. To learn more about the Company please visit http://www.capitalight.co or contact us at: [email protected]
Disclaimer for Forward‐Looking Information
This news release includes certain "forward‐looking statements" under applicable Canadian securities legislation that are not historical facts. Forward‐looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward‐looking statements. Forward‐looking statements in this news release include, but are not limited to, statements regarding: (i) the debentures; (ii) the mineral exploration properties; and (iii) the operations of Capitalight Research Inc. Forward‐ looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors that may cause actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and other risks outside of the Company's control. Additional risk factors are included in the Company's Management's Discussion and Analysis, available under the Company's profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward‐ looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by applicable laws, the Company disclaims any intention or obligation to update or revise any forward‐looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: IC Capitalight Corp.