Ionic Capital Corp.

November 13, 2008 18:16 ET

Ionic Capital Corp.: Acquisition of Control of Common Shares of Longview Capital Partners Incorporated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2008) - Ionic Capital Corp. (formerly Quest Holdings Ltd.) ("Ionic") reports that it has acquired control of 15,000,000 common shares (the "Pledged Shares") in the capital of Longview Capital Partners Incorporated ("Longview") owned by Damien Edward Reynolds ("Reynolds"), representing 13.4% of the issued and outstanding common shares in Longview. As security for a CAD$2,000,000 loan (the "Loan") previously advanced by Ionic to Reynolds, Ionic and Reynolds entered into a securities pledge agreement pursuant to which Reynolds pledged the Pledged Shares in favour of Ionic as security for the Loan. The Loan is now in default and Ionic is legally entitled to dispose of the Pledged Shares for the purpose of applying the proceeds of realization in repayment of the Loan.

Immediately following the acquisition of control of the Pledged Shares, Ionic controlled 15,000,000 common shares of Longview owned by Reynolds representing 13.4% of the issued and outstanding common shares of the Company, but had no beneficial ownership of any Longview shares.

The advance of the Loan and the pledge of the Pledged Shares were conducted through a private transaction between Ionic and Reynolds. Ionic advanced the Loan to Reynolds to permit Reynolds to purchase various investments approved by Ionic.

Ionic may dispose of the Pledged Shares through market transactions, private agreements or otherwise, as circumstances or market conditions warrant.

This press release is issued pursuant to National Instrument 62-104, which also requires a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters.

Contact Information

  • Ionic Capital Corp.
    Brian Bayley
    President
    (604) 689-1428