Verdant Financial Partners I Inc.
TSX VENTURE : VFI.H
NEX BOARD : VFI.H

October 02, 2015 16:13 ET

Verdant Financial Partners Announces Proposed Transfer of Escrowed Shares and Concurrent Change of Management and Directors

TORONTO, ONTARIO--(Marketwired - Oct. 2, 2015) - Verdant Financial Partners I Inc. (NEX:VFI.H) (the "Corporation") announces today that Thomas Wallace, Verdant Financial Partners Corp., The Puritt Family Trust, Tina Woodside, David Jones, and Falcon Corporation, each an individual or an entity controlled by an individual who is an escrowed shareholder and current or former insider of the Corporation, have entered into an agreement with Messrs. David Mitchell, Keith Harris and Alec Rowlands (the "Purchasers") pursuant to which the Purchasers will acquire by way of a private agreement an aggregate of 690,994 common shares of the Corporation (the "Purchased Shares"), representing approximately 19.55% of the outstanding common shares of the Corporation. The purchase price for the Purchased Shares is $0.075 per share for aggregate consideration of $51,824.55. No single Purchaser will acquire 10% or more of the Corporation's issued and outstanding common shares through the acquisition of Purchased Shares. In connection with the purchase and sale, and upon completion thereof, David Jones will resign as a director of the Corporation while Thomas Wallace will resign as Chief Executive Officer and a director of the Corporation. Each Purchaser will become a director of the Corporation while Mr. Mitchell will also be appointed as Chief Executive Officer and Chief Financial Officer. The purchase of the Purchased Shares and the subsequent change of management are conditional on approval by the TSX Venture Exchange (the "Exchange").

The Purchased Shares are subject to an escrow agreement dated July 10, 2009 between the Corporation, Equity Financial Trust Company and the escrowed securityholders, and accordingly, such shares may only be dealt with in accordance with the policies of the Exchange and the provisions of the escrow agreement.

About Verdant Financial Partners I Inc.

Verdant Financial Partners I Inc. is a Capital Pool Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Contact Information

  • Verdant Financial Partners I Inc.
    Tom Wallace, CA, CPA
    Chief Executive Officer and Chief Financial Officer
    647.262.9255
    wallace194@sympatico.ca