SOURCE: Arkadia Capital Corp.

December 31, 2015 18:10 ET

Arkadia Announces Extension of Deadline to Complete Qualifying Transaction

CALGARY, AB--(Marketwired - December 31, 2015) -  Arkadia Capital Corp. (TSX VENTURE: AKC.P) ("Arkadia") is pleased to announce that it has been granted a further extension by the TSX Venture Exchange (the "Exchange") of its deadline to complete a Qualifying Transaction, as defined in the policies of the Exchange, until March 16, 2016. If Arkadia does not complete a Qualifying Transaction by March 16, 2016, then Arkadia's shares will be transferred to NEX, a separate board of the Exchange.

On December 15, 2015, Arkadia entered into a non-binding letter of intent with Capexco Inc., a privately-held real estate company, to complete a Qualification Transaction. Completion of the Qualifying Transaction is subject to the satisfaction of a number of conditions precedent, including the execution of definitive documentation, the approval of the Exchange, and, depending on how the Qualifying Transaction is structured, shareholder approval. Arkadia will disclose more details about the Qualifying Transaction in due course

Arkadia's shares are currently suspended from trading. A reinstatement of trading can occur either when Arkadia completes its Qualifying Transaction in accordance with Exchange Policy 2.4 or upon application for reinstatement, satisfactory to the Exchange, at the time of the transfer of Arkadia's shares to NEX. 

About Arkadia

Arkadia was incorporated under the Business Corporations Act (Alberta) on July 18, 2011. On November 25, 2011, Arkadia completed its initial public offering of common shares, at a price of $0.20 per share, for gross proceeds of $800,000. Arkadia is a CPC, as defined in the policies of the Exchange. As a CPC, the principal business of Arkadia is the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction. Arkadia has conducted no other business.

Reader Advisory

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information, contact:

    Arkadia Capital Corp.
    Dennis Nerland
    Chief Executive Officer of Arkadia
    (403) 299-9605