Troon Ventures completes merger with Grenville Troon Ventures Ltd (C:TVN)
Shares Issued 28,006,338
Last Close TVN.H 11/20/2013 $0.31
Thursday February 20 2014 - News Release
Mr. William Tharp reports
GRENVILLE STRATEGIC ROYALTY CORP. AND TROON VENTURES LTD. COMPLETE BUSINESS COMBINATION
Grenville Strategic Royalty Corp., formerly Troon Ventures Ltd., has completed its previously announced business combination with Grenville Corp. The company's common shares are expected to commence trading on the TSX Venture Exchange (the "Exchange") under the symbol "GRC" as of the opening of trading on or about February 21, 2014.
Summary of the Transaction
Under the terms of the Transaction, shareholders of the Company received 0.69 of a common share and 0.34 of a transferable share purchase warrant (the "Warrants") for each common share of the Company held by them immediately prior to the completion of the Transaction, while shareholders of Grenville Corporation received one common share of the Company for each common share of Grenville Corporation held by them.
Each whole Warrant is exercisable into common shares of the Company at an exercise price of $0.42 per common share until February 19, 2016. The Warrants are expected to commence trading on the Exchange under the symbol "GRC.W" as of the opening of trading on or about February 21, 2014.
All outstanding stock options of the Company (880,000) were exchanged for new stock options of the Company based on the exchange ratio described above. Each holder of Company options also received an additional stock option exercisable until February 19, 2016 at an exercise price of $0.42 per common share in order to reflect similar terms for optionees as were offered to shareholders of the Company through the Warrants. The 357,143 outstanding stock options of Grenville Corporation were exchanged for stock options of the Company at the same exercise price, being $0.028 per share, and on the same terms as the Grenville Corporation stock options.
"The boards of both companies completed this transaction on time and within established budgets with the support of the overwhelming majority of the shareholders of both Troon and Grenville," stated William R. Tharp, Chief Executive Officer of the Company. "With the combined capital, management and board skills of the new company now firmly in place, we believe that we have created a strong foundation for Grenville to continue to execute its business plan and create value for its shareholders."
The board of directors of the Company is comprised of Mr. Tharp, Steven Parry, acting as Chairman, Paul De Luca and former Troon directors Catherine McLeod-Seltzer and Andrea Zaradic, who was also Troon's former CEO.
We seek Safe Harbor.
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