Gravitas Receives Shares for Debt of Prime City One Capital Corp.
TORONTO, Jan. 17, 2019 (GLOBE NEWSWIRE) — Gravitas Financial Inc. (CSE:GFI) (“Gravitas”) issues this press release pursuant to Part 3 – Early Warning Requirements of National Instrument 62-103 with respect to Prime City One Capital Corp. (the “Company“).
On January 16, 2019, Gravitas acquired 6,337,322 common shares of the Company in settlement of amounts owing under loans to the Company in the aggregate amount of $506,985.79. Prior to the foregoing share issuance, Gravitas held 272,916 (4.65%) of the 5,864,688 issued and outstanding common shares of the Corporation. In addition, David Carbonaro, who serves as a director of Gravitas and as President and Chief Executive Officer of the Company, held a further 1,065,000 common shares (18.16%), in addition to 1,065,000 common share purchase warrants (each being exercisable into one common share). After giving effect to this transaction, Gravitas holds an aggregate of 6,610,238 (54.17%) of the 12,202,010 issued and outstanding common shares of the Company. Together with the shares held by Mr. Carbonaro, an aggregate of 7,675,238 (62.9%) of the 12,202,010 issued and outstanding common shares of the Company (in addition to 1,065,000 common share purchase warrants) are held by Gravitas and its joint actors.
The common shares acquired by Gravitas have been acquired for investment purposes. Depending on economic or market conditions or matters relating to the Company, Gravitas and/or David Carbonaro may choose to either acquire additional securities or dispose of securities of the Company in the future. The common shares of the Company are listed on the NEX board of the TSX Venture Exchange under the trading symbol “PMO.H”.
For further information or to receive a copy of the early warning report filed by Gravitas with securities regulatory authorities in Canada in connection with this press release, please contact Gravitas at (647)252-1674.