OMT Inc.
TSX VENTURE :
OMT
June 22, 2011 17:54 ET
OMT Shareholders Vote in Favour of Share Consolidation, Change of Control and Director Appointments
WINNIPEG, MANITOBA--(Marketwire - June 22, 2011) -OMT Inc. (TSX VENTURE:OMT) ("OMT") held its annual general and specialmeeting of shareholders today and received strong shareholder supportfor all resolutions on the meeting agenda.
As previouslyannounced, OMT has closed a non-brokered private placement offering ofsubscription receipts ("Subscription Receipts") and has issued 15million Subscription Receipts, at a price per
.05 per SubscriptionReceipt, for aggregate gross proceeds of $750,000. The conversion of theSubscription Receipts into common shares and warrants of OMT is subjectto certain conditions as previously announced.
At the shareholder meeting today, the following was approved:
- Consolidation of OMT's authorized and issued common shares on a nine (9) pre-consolidation common shares for one (1) post-consolidation common share basis;
- A change of control of OMT that will result from the conversion of the Subscription Receipts into common shares and warrants of OMT, and the consolidation of the common shares of OMT. With this conversion, Emprise Special Opportunities Fund Limited Partnership will become a controlling shareholder of OMT.
Havingreceived the support of its shareholders, OMT will now advance theremaining conditions of the private placement, including OMT reachingnew arrangements with its debt and debenture holders and final TSXVenture Exchange approval for all proposed transactions. Theconsolidation of OMT's common shares will not take place until allconditions of the private placement are satisfied.
OMT alsoconcluded other business matters, including the re-election of BillBaines, Rick Workman, Ken Bicknell and Murray Bamforth as directors,approval of a revised stock option plan and the reappointment of Ernst& Young as its auditors.