September 16, 2016 16:33 ET
TORONTO, ONTARIO--(Marketwired - Sept. 16, 2016) - Today Park Lawn Corporation (TSX VENTURE:PLC) ("PLC") announced that it has closed its previously announced transaction with Park Lawn Company Limited (the "Holder") to settle a promissory note (the "Note") previously issued by Park Lawn Limited Partnership, a wholly-owned subsidiary of PLC, in favour of the Holder.
In consideration for the settlement of the Note, PLC prepaid $1 million of the Note in July 2016 and settled the balance of the Note for 262,092 common shares of PLC (the "Consideration Shares") issued from treasury at an implied price of $12.97 per share. The Consideration Shares are subject to a contractual hold period which expires on March 17, 2017.
About Park Lawn Corporation
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (preneed) or at the time of a death (at-need). PLC and its subsidiaries own and operate 34 cemeteries in Ontario and Michigan and 22 funeral homes, chapels and planning offices in Quebec, Ontario, Manitoba and Saskatchewan. PLC's Harmonia business currently operates under license in the province of Quebec.
Neither the TSX Venture Exchange (the "TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Park Lawn CorporationAndrew ClarkChairman & CEO416-231-1462Park Lawn CorporationJoseph LeederChief Financial Officer416-231-1462Park Lawn CorporationSuzanne CowanVP, Business Development & Corporate Affairs416firstname.lastname@example.org
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