TORONTO, ONTARIO--(Marketwire - Dec. 28, 2012) - Philip Cunningham (the "Offeror"), a director of Corporate Catalyst Acquisition Inc. (the "Corporation") (TSX VENTURE:CII.P), a capital pool company, announced that on April 3, 2012 he acquired ownership of 1,000,000 common shares (the "Purchased Shares") of the Corporation for aggregate cash consideration of $100,000. The Purchased Shares are subject to the terms of an escrow agreement between the Corporation, Olympia Transfer Services Inc. and the Offeror, which was entered into in connection with the initial public offering completed by the Corporation (the "Escrow Agreement"), and will remain in escrow in accordance with the terms of the Escrow Agreement. On October 31, 2012, the Corporation filed a preliminary prospectus with securities regulators and on December 4, 2012, the Corporation filed a final prospectus with securities regulators. On December 28, 2012, the Corporation completed its initial public offering.
The Purchased Shares represented 20% of the outstanding common shares of the Corporation prior to the initial public offering. Following completion of the initial public offering, the Offeror owns or controls 1,000,000 common shares of the Corporation representing 14.12% of the issued and outstanding common shares of the Corporation on a non-fully diluted basis.
The common shares of the Corporation are listed on the TSX Venture Exchange.
The Purchased Shares were purchased by the Offeror for investment purposes. The Offeror may in the future take such actions in respect of his holdings in the Corporation as he may deem appropriate in light of the circumstances then existing, including the purchase of additional common shares or other securities of the Corporation through open market purchases or privately negotiated transactions or the sale of all or a portion of the Offeror's holdings in the open market or in privately negotiated transactions to one or more purchasers, subject in each case to applicable securities laws.
The Purchased Shares are subject to the terms of the Escrow Agreement, and will remain in escrow in accordance with the terms of the Escrow Agreement and may not be transferred, sold, assigned, mortgaged or otherwise dealt with in any way by the Offeror except as permitted under the terms of the Escrow Agreement.
The Offeror has filed a report under National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
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