- Circa (CTO) completes amalgamation with Sicame and the sale of Circa’s telecom business
- The companies are going forward at one corporation, under the name ‘Hydel Inc’
- It is likely that Hydel will cease to be a “reporting issuer” under applicable Canadian securities legislation
- The consideration payable to Circa shareholders is $2.1173 for each share
- Circa Enterprises (CTO) was trading at C$2.08 as of yesterday
Circa Enterprises (CTO) and Sicame Group SAS complete an amalgamation of Circa and 2023 Sicame Amalco.
New of the transaction was previously released by Circa on March 8, 2023.
The companies are going forward at one corporation, under the name ‘Hydel Inc’.
Sicame Canada has become the sole shareholder of Hydel and Hydel will be de-listed on the TSX Venture Exchange on around April 18.
In addition, it is anticipated that Hydel will cease to be a “reporting issuer” under applicable Canadian securities legislation.
In exchange for the cancellation of the issued and outstanding common shares of Circa at closing of the Amalgamation, holders are able to receive a cash payment from Sicame Canada.
The consideration payable to Circa shareholders is $2.1173.
Cory Tamagi, the former President and CEO of Circa, stated, “We would like to wish Sicame and Hydel continued prosperity and thank our former Circa Metals colleagues for their dedication.”
Tamagi went on to talk about his positive outlook on what’s to come. “We are pleased to continue the legacy of supplying high quality, ruggedized telecommunications products under the newly formed, Guardian Telecom Ltd.”
Circa Enterprises (CTO) was trading at C$2.08 as of yesterday.
