Palm Holding Inc.

August 06, 2015 21:01 ET

Palm Holding Inc.: Press Release

TORONTO, ONTARIO--(Marketwired - Aug. 6, 2015) - Palm Holding Inc. ("Palm Holding") announced that effective July 14, 2015 it has acquired ownership and control of 7,599,999 common shares (the "Acquired Shares") in the capital of PUDO Inc. (formerly Grandview Gold Inc.) (the "Company"), representing approximately 52.43% of the outstanding common shares of the Company as a result of the acquisition of My Courier Depot Inc. by the Company effective July 14, 2015 (the "Acquisition").

Pursuant to a share exchange agreement dated March 18, 2015 entered into between the Company and My Courier Depot Inc., the Company acquired all of the issued and outstanding shares of My Courier Depot Inc. on the basis of 8,333.33 shares of the Company for 1 My Courier Depot share. Effective July 14, 2015, the Company issued an aggregate of 10,316,797 shares of the Company to former shareholders of My Courier Depot Inc. resulting in the former shareholders of My Courier Depot Inc. owning approximately 71.18% of the issued and outstanding shares of the Company. The shareholders of the Company approved the Acquisition at the annual and special meeting of the Company held on April 14, 2015.

Following the Acquisition, Palm Holding directly holds an aggregate of 7,599,999 common shares of the Company, representing 52.43% of the issued and outstanding shares in the capital of the Company (based on 14,494,802 issued and outstanding common shares as at the date hereof). The Acquired Shares were issued by the Company at a deemed price of $0.25 per share upon the completion of the Acquisition, as more particularly described in the Information Circular of the Company dated March 18, 2015 available at www.sedar.com.

Palm Holding has acquired the above-noted securities of the Company for investment purposes, and Palm Holding may, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over common shares or other securities of the Company through market transactions, private agreements or otherwise.

Contact Information

  • David Cooper
    905-507-4111