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DLC completes share acquisitions of Ceniako, Craven

2018-04-24 11:03 ET - News Release

An anonymous director reports

DLC COMPLETES ACQUISITION OF SHARES IN CENIAKO AND CRAVEN

DLC Holdings Corp. has completed the acquisition of 60.5 per cent of the issued and outstanding share capital of Ceniako Ltd., a private corporation duly incorporated under the laws of Cyprus; and to acquire 100 per cent of the issued and outstanding share capital of Craven House Industries Ltd., a private corporation duly incorporated under the laws of Ireland. The details of the Craven House deal were previously announced by the company on Sept. 5, 2017, and which constitute a reverse takeover under the policies of the TSX Venture Exchange.

Pursuant to the terms of the transaction, the company will issue:

  1. 23,408,916 preferred shares to Craven Industrial Holdings, a private corporation duly incorporated under the laws of Ireland, in consideration for 490 common shares of Ceniako, representing 49 per cent of its issued and outstanding share capital;
  2. 5,493,929 preferred shares to Southern Cone Capital Ltd., a private corporation duly incorporated under the laws of Hong Kong, in consideration for 115 common shares of Ceniako, representing 11.5 per cent of its issued and outstanding share capital;
  3. 34,052,990 preferred shares to Craven Holdings in consideration for 950 common shares of Craven, representing 95 per cent of its issued and outstanding share capital;
  4. 1,792,262 preferred shares to Desmond Holdings Ltd., a private corporation duly incorporated under the laws of Hong Kong, in consideration for 50 common shares of Craven, representing 5 per cent of its issued and outstanding share capital.

In connection with the transaction, DLC has entered into the loan facility, under which the company will be provided with a loan of $800,000. The loan facility holds a senior secured position, bares an interest rate of 5 per cent and has a term of five years.

There has been no change to the board of directors. The current board consists of Mark Pajak, Craig Goldenberger, Balbir Bindra and Barry Allen.

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