Mr. Fred Di Tosto reports
MARTINREA INTERNATIONAL INC. ANNOUNCES ADDITIONAL STRATEGIC INVESTMENT IN NANOXPLORE INC. AND FILING OF EARLY WARNING REPORT
Martinrea International Inc. has filed an early warning report today in connection with the acquisition by Martinrea of 10 million common shares in Nanoxplore Inc., pursuant to several private agreements. Of the 10 million common shares of NanoXplore acquired by Martinrea, 5,474,669 of the common shares were acquired at a price of $1.20 per share for an aggregate purchase price of $6,569,603 and 4,525,331 of the common shares were acquired at a price of $1.30 per share for an aggregate purchase price of $5,882,930. After the Share Acquisitions, the Company holds 30,199,800 common shares of NanoXplore, or approximately 25 percent of NanoXplore's issued and outstanding common shares.
In commenting on the transaction, Pat D'Eramo, Martinrea's President and CEO noted: "We are very excited with the opportunities we see in the development and use of graphene-enhanced products. We are a lightweighting company, focused on providing our customers with solutions using a variety of advanced materials in steel, aluminum, or a combination of both, as well as other materials. Graphene has potential in many of our existing, as well as new, areas of business and we are currently developing prototypes and other breakthrough opportunities. We will be marketing some graphene enhanced products and solutions next year. Graphene-enhanced products will be a part of the Martinrea product offering to our customers."
Rob Wildeboer, Martinrea's Executive Chairman stated: "We believe our relationship with NanoXplore is a good one, and our involvement as an investor and strategic partner will continue to help NanoXplore in its operations and development. NanoXplore's largest shareholder, Mason Graphite, was selling its share interest as it focused on building its own operations, and we purchased part of that interest along with some other leading institutional and strategic investors, who we welcome as fellow shareholders. Our strategic interest and relationship with NanoXplore strengthens our company as a leading lightweighting solutions company."
Martinrea expects to evaluate on an ongoing basis NanoXplore's financial condition, results of operations, business and prospects, the market price of the Shares, conditions in securities markets generally and in the market for shares of companies like NanoXplore, general economic and industry conditions and other factors Martinrea deems relevant to its investment decisions. Based on such evaluations, Martinrea may at any time or from time-to-time determine to acquire additional shares, or securities convertible into or exchangeable for shares or derivatives relating to shares, or to dispose of shares or securities convertible into or exchangeable for shares or derivatives relating to shares Martinrea owns or may hereafter acquire, through open market or privately negotiated transactions or otherwise, at such prices and on such terms as Martinrea deems advisable. Martinrea intends to monitor its investment in shares. Martinrea and its representatives and advisers may communicate with other shareholders, industry participants and other interested parties concerning NanoXplore. In addition, based on Martinrea's continuing evaluation of the foregoing factors, Martinrea reserves the right to change its plans and intensions at any time or from time to time, as it deems appropriate Martinrea is relying on the private agreement exemption in section 4.2 of National Instrument 62-104 -- Take-Over Bids and Issuer Bids, in connection with the Share Acquisitions. The above referenced early warning report relating to this press release has been filed on SEDAR
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 of 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.
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