pcJ News Briefs – Zaff LLC has entered into a subscription agreement to acquire ownership of and control over 31,431,391 shares of Itafos (TSX-V:IFOS), by way of a non-brokered private placement, at a price of $2.10 per share for an aggregate amount of $66,005,921.10.
The offering is expected to close on or around December 18, 2017.
Following the closing of the offering and Itafos’ previously announced shares for debt transaction, Zaff will have direct or indirect ownership of or control over 81,452,992 shares, representing approximately 63.63% of the issued and outstanding shares on an undiluted basis.
photo credit: Itafos
News Release
ZAFF LLC ENTERS INTO SUBSCRIPTION AGREEMENT TO ACQUIRE SHARES OF ITAFOS
December 18, 2017 — Toronto, Ontario – Zaff LLC (Zaff) announced that it has entered into a subscription agreement (the Subscription Agreement) to acquire ownership of and control over 31,431,391 shares (the Offering Shares) of Itafos (Itafos) (TSXV:IFOS) by way of a non-brokered private placement (the Offering). The Offering is expected to close on or around December 18, 2017.
Pursuant to the Subscription Agreement, Zaff has agreed to purchase the Offering Shares at a price of CAD$2.10 per Offered Share for an aggregate amount of C$66,005,921.10.
Zaff currently has direct or indirect ownership of or control over 50,021,601 shares of Itafos, representing approximately 60.78% of the issued and outstanding shares (on an undiluted basis) of Itafos (the Shares).
Following the closing of the Offering and Itafos’ previously announced shares for debt transaction, Zaff will have direct or indirect ownership of or control over 81,452,992 Shares, representing approximately 63.63% of the issued and outstanding Shares (on an undiluted basis).
The Offering Shares are being acquired for investment purposes. However, Zaff may take actions in the future in respect of its holdings in Itafos based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of Shares, whether in the open market, by privately negotiated agreement or otherwise, or in connection with a strategic transaction with Itafos.
The registered office of Itafos is located at P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands, KY1-1104.
For further information, including a copy of the corresponding report filed with Canadian securities regulators, please contact Molly Schlax at (612) 851-3083.