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Citation investor ACC acquires 16.71 million shares

2019-08-15 14:02 ET - News Release

Mr. Howard Misle reports


This press release is issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Citation Growth Corp. is a reporting issuer, containing information with respect to the foregoing matters.

On Aug. 6, 2019, ACC Enterprises LLC acquired 16,714,500 common shares of Citation Growth in connection with a share exchange agreement entered into between the ACC group of companies and Citation on June 17, 2019, having a deemed total value of $13,371,600, based on deemed value per share of 80 cents.

As further described in Citation's press release dated June 17, 2019, ACC and Citation entered into a definitive agreement for a business combination, such that the shareholders of ACC Enterprises would exchange common shares of ACC for common shares of Citation per the terms of the definitive agreement. Prior to the business combination, ACC Enterprises owned nil Citation common shares. Following the completion of the business combination, ACC Enterprises has ownership, control and direction over 16,714,500 Citation common shares, representing approximately 14 per cent of the issued and outstanding Citation common shares on a non-diluted basis.

The Citation common shares have been acquired for investment purposes. In total, 12,530,695 of the Citation common shares are subject to a voluntary escrow agreement in a substantially similar form to National Policy 46-201 -- Escrow for Initial Public Offerings, for established issuers. In connection with the business combination, Howard Misle has been appointed as chief financial officer of Citation, as more fully described in the Citation press release dated June 17, 2019.

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