Primary Corp.
TSX VENTURE : PYC

Primary Corp.

December 23, 2010 11:37 ET

Primary Corp. and Marret Asset Management Execute Definitive Agreement to Build Resource Lending Business

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2010) - Primary Corp. (TSX VENTURE:PYC) ("Primary" or the "Company") announced today that it has completed its previously announced transaction with Marret Asset Management Inc. ("Marret") and has entered into a management services agreement (the "MSA") with Marret to build Primary's natural resource lending business. Primary will shift its business strategy to place its principal focus on natural resource lending and has retained Marret to manage its repositioned business.

The Company's business will be primarily directed to investing in companies and other types of business entities, across all market capitalization sizes, involved in natural resource sectors including, but not limited to, precious, ferrous, non-ferrous and base metal mining, development and exploration, agriculture, energy and oil and gas, both onshore and offshore, through the purchase of debt securities from and the making of term loans (including bridge and mezzanine debt) to such companies or other entities, and may also include taking positions in public debt securities and private or public equity or quasi-equity securities. A copy of the MSA will be available under the corporate profile of Primary on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Pursuant to the MSA, Marret is responsible for the management of Primary and is to provide to Primary managerial services including those of a CEO, CFO and Secretary, which persons will be compensated by Marret. Rob Pollock and Dave Guebert, President and CEO and CFO, respectively, of Primary have been retained by Marret to provide the services of CEO and CFO, respectively, to Primary.

TD Securities acted as Primary's financial adviser in connection with the transaction.

About Marret

Marret Asset Management Inc. is an employee-owned firm based in Toronto and has over $5.1 billion of assets under management. Marret and its experienced team of investment professionals led by Barry Allan specialize exclusively in fixed income and, particularly, in high yield debt strategies.

About Primary

Primary Corp. trades on the TSX Venture Exchange under the symbol PYC. Primary is a diversified venture capital and merchant banking firm focused on the Canadian small cap market that will seek to make equity investments and bridge loans in appropriate companies.

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The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

Contact Information

  • Primary Corp.
    Robert Pollock
    President & CEO
    416.214.9672