TORONTO, Aug. 02, 2019 (GLOBE NEWSWIRE) -- Martinrea International Inc. (TSX: MRE) (“Martinrea” or the “Company”) , announced today it filed an early warning report today in connection with the exercise on July 31, 2019 by Martinrea of 2,750,000 warrants (the “Exercised Warrants”) to purchase 2,750,000 common shares in the capital of NanoXplore Inc. (the “Shares”), a publicly listed company on the TSX Venture Exchange trading under the ticker symbol GRA, at an exercise price of $0.70 per Share. The Exercised Warrants had been acquired by Martinrea pursuant to a private placement completed by NanoXplore in the third quarter of 2017.
Prior to the exercise of the Exercised Warrants, Martinrea held an aggregate of approximately 17.88% of the issued and outstanding common shares of NanoXplore on a partial diluted basis, being 17,449,800 common shares of NanoXplore, 2,750,000 warrants to purchase additional common shares of NanoXplore at an exercise price of $0.70 per share (being the Exercised Warrants) and 205,900 warrants to purchase additional common shares of NanoXplore at an exercise price of $2.30 per share, which were acquired in two separate private placement transactions.
The exercise of the Exercised Warrants and corresponding Shares represent 2.4% of the issued and outstanding common shares of NanoXplore on a partial diluted basis. Subsequent to the exercise of the Exercised Warrants, Martinrea holds an aggregate of 20,199,800 common shares of NanoXplore and 205,900 warrants, which represents approximately 17.88% of the issued and outstanding common shares of NanoXplore on a partial diluted basis.
The Shares were acquired by Martinrea from NanoXplore upon the exercise of warrants previously acquired that were to expire on August 2, 2019. The purpose of the transaction was to benefit from the fact that the exercise price of the Exercised Warrants ($0.70) was less than the current market price of the common shares of NanoXplore.
The above referenced early warning report relating to this press release has been filed on System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under NanoXplore’s issuer profile. For further information or to obtain a copy of the early warning report, please contact Fred Di Tosto, Chief Financial Officer.
ABOUT MARTINREA
Martinrea is a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems. Martinrea currently employs approximately 15,000 skilled and motivated people in 47 operating divisions in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain and China.
Martinrea’s vision is making lives better by being the best supplier we can be in the products we make and the services we provide. The Company’s mission is to make people’s lives better by: delivering outstanding quality products and services to our customers; providing meaningful opportunity, job satisfaction, and job security for our people; providing superior long-term investment returns to our stakeholders; and being positive contributors to our communities.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable Canadian securities laws. The words “continue”, “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “views”, “intend”, “believe”, “plan”, “outlook” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances, such as expected sales and industry production estimates, current foreign exchange rates (FX), timing of product launches and operational improvements during the period and current Board approved budgets. Many factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the risk factors and other information, some of which are discussed in detail in the Company’s Annual Information Form and other public filings which can found at www.sedar.com. Martinrea cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. Furthermore, the forward-looking statements contained in this press release are made as at the date of this press release and Martinrea does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol “MRE”.
For further information, please contact:
Fred Di Tosto, Chief Financial Officer
Martinrea International Inc.
3210 Langstaff Road
Vaughan, Ontario L4K 5B2
Tel: 416.749.0314
Fax: 289.982.3001
