AgJunction investor GVM acquires 2.17 million shares AgJunction investor GVM acquires 2.17 million shares
Ticker Symbol: C:AJX
AgJunction investor GVM acquires 2.17 million shares
AgJunction Inc (C:AJX)
Shares Issued 69,816,190
Last Close 2/14/2014 $1.09
Friday February 14 2014 - News Release
GVM, INC. ACQUIRES COMMON SHARES OF AGJUNCTION INC.
GVM Inc. has directly acquired ownership and control of a total of 2,178,964 common shares in the capital of AgJunction Inc.
GVM now owns and controls a total of 10,385,079 common shares, representing approximately 14.4 per cent of the total issued and outstanding common shares. This number includes 35,000 common shares owned and controlled by Mark Anderson, a director of AgJunction, and the president and chief executive officer of GVM. Mr. Anderson also holds options to purchase 15,000 common shares.
The common shares were issued to GVM due to the payment of a $1.4-million earn-out that was payable upon the achievement of certain revenue growth targets for the 2013 fiscal year pursuant to the acquisition by Hemisphere GPS LLC, a subsidiary of AgJunction, of business assets from GVM. The acquisition was completed on Jan. 31, 2012. GVM may from time to time dispose of some or all of the existing common shares or continue to hold the common shares in the normal course of its activities, subject to compliance with applicable laws, and the voting and lock-up agreement to which GVM and AgJunction are parties that was entered into in connection with the acquisition. The common shares were issued in reliance of the asset acquisition exemption set forth in Section 2.12 of National Instrument 45-106, prospectus and registration exemptions.
An early warning report for GVM will be filed on SEDAR.
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