TORONTO, Dec. 23, 2013 /CNW/ - Retained executive search firm The
Caldwell Partners International Inc. (TSX: CWL) today announced that it
has entered into subscription agreements with senior search
professionals, officers and directors of the Corporation for the
purchase of common shares of the Corporation on a private placement
basis.
Under the terms of the transaction, the Corporation is to issue in
aggregate approximately 4.0 million shares of its common stock at a
price of $0.85 per share for gross proceeds of approximately $3.4
million. The purchase price was determined on the basis of the 10
trading day weighted average trading price of the common shares on the
TSX for the 10 trading days ended December 2nd, 2013 following release of the Corporation's year-end results. Closing
is subject to TSX approval of the listing of such new common shares,
and is anticipated to occur on or about January 15th, 2014. The private placement common shares are subject to a hold period
expiring on or about January 15th, 2015.
"The capital raised serves two purposes. First, it will allow us to
continue to make important investments in growing our business, with
potential uses including new locations, additions to the partner ranks,
and flexibility for strategic opportunities as they arise" said John N.
Wallace, chief executive officer. "Most importantly, these private
placements will permit the acquisition of common shares of the
Corporation by our Partners at a fixed and equal price and is intended
to better align the interests of this important group of stakeholders
of the Corporation with the interests of all shareholders."
"The professional services industry is one in which the most valuable
assets walk in and out of the door every day. To have near unanimous
participation from eligible participants evidences the long-term
commitment that our people have to our organization."
About Caldwell Partners
Caldwell Partners is one of North America's premier providers of
executive search and has been for more than 40 years. As one of the
region's most trusted advisors in executive search, the firm has a
sterling reputation built on successful searches for boards, chief and
senior executives, and selected functional experts.
With offices and partners in Vancouver, San Francisco, Los Angeles,
Dallas, Calgary, Atlanta, Toronto, Stamford, New York City, and a
strategic presence in London and Hong Kong, the firm takes pride in
delivering an unmatched level of service and expertise to its clients.
Caldwell Partners' Common shares are listed on The Toronto Stock
Exchange (TSX: CWL). Please visit our website at www.caldwellpartners.com for further information.
Forward-Looking Statements
Forward-looking statements in this document are based on current
expectations that are subject to significant risks and uncertainties.
Actual results might differ materially due to various factors such as
the competitive nature of the executive search industry, the ability of
the company to execute its growth strategies, the performance of the
Canadian domestic and international economies, and the company's
ability to retain key personnel. The Caldwell Partners assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those reflected in the
forward-looking statements.
SOURCE The Caldwell Partners International Inc.
