TriNorth Capital Inc.
TSX : TRT

TriNorth Capital Inc.

September 07, 2007 11:24 ET

TriNorth Shareholders Approve Reorganization and Special Warrants Financing

TORONTO, ONTARIO--(Marketwire - Sept. 7, 2007) - Shareholders of TriNorth Capital Inc. (TSX:TRT) today voted overwhelmingly to approve a reorganization of the Company and a special warrants financing that was completed on August 30, 2007.

Over 90% of votes cast at the Special Meeting of Shareholders held earlier today were voted in favour of the special resolution approving the reorganization that includes the transfer of TriNorth's assets and liabilities to Centiva Capital Inc., a new wholly-owned subsidiary of TriNorth, in exchange for common shares of Centiva. The common shares of Centiva will be distributed on a one-for-one basis to TriNorth shareholders of record on a date to be determined.

Shareholders also voted over 90% in favour of the resolution approving the special warrant financing that raised gross proceeds of $26.4 million. The proceeds of the offering will continue to be held in escrow until completion of the reorganization. When the proceeds of the offering are released from escrow, the funds will be used to recapitalize TriNorth, which will then refocus its investment strategy to invest in Canadian public companies, near public companies, global venture capital initiatives and certain commodities under the investment management of Lawrence Asset Management Inc.

Completion of the reorganization and the resulting recapitalization of TriNorth are expected in mid-October. Existing TriNorth shareholders as a group will hold approximately 12.4% of the recapitalized TriNorth, before the exercise of any common share purchase warrants, and 100% of Centiva. Centiva is seeking to list its shares on the TSX Venture Exchange.

Contact Information

  • TriNorth Capital Inc.
    John Pennal
    President
    (416) 956-4926