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TORONTO, June 11, 2021 (GLOBE NEWSWIRE) -- FAX Capital Corp. ( FAX or the Company ) (TSX: FXC & FXC.WT) is pleased to announce that it has acquired ownership of 902,000 common shares (the Shares ) of BioSyent Inc. ( BioSyent ) (TSXV: RX) through the facilities of the Neo Exchange Inc. (the Acquisition ). The Shares were acquired at an average price of $7.50 per Share and an aggregate purchase price of $6,765,000. Immediately prior to the Acquisition, the Company owned 1,219,100 Shares, representing 9.59% of the outstanding Shares. Following the completion of the Acquisition, FAX now owns 2,121,100 Shares, representing 16.69% of the total number of outstanding Shares of BioSyent.
The Company currently has no plans or intentions with respect to the acquired Shares of BioSyent and the Shares are being held for investment purposes. In the future, the Company may acquire additional Shares, or dispose of its holdings, both as investment conditions warrant.
BioSyent is a publicly traded specialty pharmaceutical company which, through its wholly owned subsidiaries, BioSyent Pharma Inc. and BioSyent Pharma International Inc., sources, acquires or in-licences and further develops pharmaceutical and other healthcare products for sale in Canada and certain international markets. The head office of BioSyent is located at 2476 Argentia Road Suite 402, Mississauga, Ontario, L5N 6M1.
The Company has today filed an early warning report under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in respect of the Acquisition. A copy of the early warning report will be available under BioSyent’s profile on SEDAR at www.sedar.com , or may be obtained by contacting Ryan Caughey, General Counsel and Corporate Secretary at (647) 696-4679. The Company is a corporation incorporated under the laws of Canada and its head office is located at 2 Bloor Street East, Suite 701, Toronto, Ontario, M4W 1A8.
About FAX Capital Corp.
The Company is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. The Company intends to invest in equity, debt and/or hybrid securities of high-quality businesses. The Company initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States. www.faxcapitalcorp.com .
For additional information please contact:
Investor Relations
Tim Foran
Email: IR@faxcapitalcorp.com
Media Relations
Kieran Lawler
Telephone: (416) 303-0799
Email: Kieran.lawler@loderockadvisors.com
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking information. Such forward-looking information or statements ( FLS ) are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the Company’s continuing views on BioSyent’s operations and the prospects of its associated industry; the Company’s expectations in respect to the acquisition or disposition of Shares or other securities of BioSyent and the Company’s continued intentions in respect of the Company’s Shares of BioSyent currently held.
FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, but are not limited to, the timing and terms associated with any further potential investment opportunities in BioSyent and other identified companies, the continued impact of coronavirus (COVID-19) on targeted investments, the economy and markets generally, as well as the identified risk factors included in the Company’s public disclosure, including the Annual Information Form dated March 25, 2021, which is available on SEDAR at www.sedar.com and on the Company’s website at www.faxcapitalcorp.com . The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice.
Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available at www.sedar.com .
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this release.
