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Martinrea International Inc. Announces Closing of Investment in NanoXplore Inc. and Filing of Early Warning Report
TORONTO, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Martinrea
International Inc. (TSX: MRE) (“Martinrea” or the “Company”)
, announced today it filed an early warning report today in
connection with the acquisition by Martinrea of 11,538,000
common shares (the “Shares”) in the capital of NanoXplore
Inc. (“NanoXplore”) a publicly listed company on the TSX
Venture Exchange trading under the ticker symbol GRA, at a
price of $1.30 per share pursuant to a private placement
completed by NanoXplore (the “Transaction”).
Prior to the completion of the Transaction, Martinrea held an aggregate of 5,911,800 Shares of NanoXplore, 2,750,000 warrants to purchase additional Shares of NanoXplore at an exercise price of $0.70 per share and 205,900 warrants to purchase additional Shares of NanoXplore at an exercise price of $2.30 per share which were acquired in two separate private placement transactions. Subsequent to the completion of the Transaction, Martinrea holds an aggregate of 17,449,800 Shares of NanoXplore and an aggregate of 2,955,900 warrants which represents approximately 16% of the issued and outstanding Shares of NanoXplore.
Martinrea expects to evaluate on an ongoing basis NanoXplore’s financial condition, results of operations, business and prospects, the market price of the Shares, conditions in securities markets generally and in the market for shares of companies like NanoXplore, general economic and industry conditions and other factors Martinrea deems relevant to its investment decisions. Based on such evaluations, Martinrea may at any time or from time to time determine to acquire additional Shares, or securities convertible into or exchangeable for Shares or derivatives relating to Shares, or to dispose of Shares or securities convertible into or exchangeable for Shares or derivatives relating to Shares Martinrea owns or may hereafter acquire, through open market or privately negotiated transactions or otherwise, at such prices and on such terms as Martinrea deems advisable. Martinrea intends to monitor its investment in Shares. Martinrea and its representatives and advisers may communicate with other shareholders, industry participants and other interested parties concerning NanoXplore. In addition, based on Martinrea’s continuing evaluation of the foregoing factors, Martinrea reserves the right to change its plans and intentions at any time or from time to time, as it deems appropriate.
The above referenced early warning report relating to this press release has been filed on System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under NanoXplore’s issuer profile. For further information or to obtain a copy of the early warning report, please contact Fred Di Tosto, Chief Financial Officer.
Martinrea is a leader in the development and production of quality metal parts, assemblies and modules, fluid management systems, and aluminum products. Martinrea currently employs approximately 15,000 talented and motivated people in 45 operating divisions in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain, Japan and China.
Martinrea’s vision: making lives better by being the best supplier we can be in the products we make and the services we provide. The Company’s mission is to make people’s lives better by delivering: outstanding quality products and services to our customers; meaningful opportunity, job satisfaction and job security to our people through competitiveness and prudent growth; superior long term investment returns to our stakeholders; and positive contributions to our communities as good corporate citizens. For more information, visit www.martinrea.com.
This press release contains forward-looking statements within the meaning of applicable Canadian securities laws including the possibility of acquiring or disposing of securities in the future, the intention to monitor its investment and related considerations and possible discussions with other persons about NanoXplore, as well as other forward-looking statements. The words “continue”, “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “views”, “intend”, “believe”, “plan”, “outlook” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances, such as expected sales and industry production estimates, current foreign exchange rates (FX), timing of product launches and operational improvements during the period and current Board approved budgets. Many factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the risk factors and other information, some of which are discussed in detail in the Company’s Annual Information Form and other public filings which can found at www.sedar.com. Martinrea cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. Furthermore, the forward-looking statements contained in this press release are made as at the date of this press release and Martinrea does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol “MRE”.
For further information, please contact:
Fred Di Tosto, Chief Financial Officer
Martinrea International Inc.
3210 Langstaff Road
Vaughan, Ontario L4K 5B2
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