- Prospect Park Capital Corp. (PPK) has entered into a share exchange agreement with 102130706 Saskatchewan Inc. and its Tutors on Demand shareholders
- The Tutors on Demand shareholders will exchange all its issued and outstanding shares in exchange for an aggregate of 13,950,000 common shares of Prospect Park at a deemed price of $0.065 per common share
- Following the completion of the proposed investment, assuming no additional common shares of Prospect Park are issued prior to closing, it is expected that 61,297,074 common shares of the company will be issued and outstanding
- The current shareholders of Prospect Park will hold approximately 77.24 per cent of its common shares
- Prospect Park Capital Corp. (PPK) is up 46.15 per cent and is trading at $0.095 per share as of 11:39 a.m. EST
Prospect Park Capital Corp. (PPK) has entered into a share exchange agreement with 102130706 Saskatchewan Inc. and its Tutors on Demand shareholders.
Prospect Park will acquire all the issued and outstanding shares of Tutors on Demand in exchange for shares of Prospect Park.
Tutors on Demand is in the business of operating a virtual marketplace through their platform which enables the connection of qualified tutors and student learners who are seeking additional educational support.
The Tutors on Demand shareholders will exchange all its issued and outstanding shares in exchange for an aggregate of 13,950,000 common shares of Prospect Park at a deemed price of $0.065 per common share.
Following the completion of the proposed investment, assuming no additional common shares of Prospect Park are issued prior to closing, it is expected that 61,297,074 common shares of the company will be issued and outstanding.
The current shareholders of Prospect Park will hold approximately 77.24 per cent of its common shares.
The Tutors on Demand shareholders will hold approximately 22.76 per cent of the common shares of Prospect Park.
The proposed investment is not a “related party transaction”, and no new related person is expected to be created because of the proposed investment.
The proposed investment was negotiated at arm’s length, and no finder’s fee is payable in connection with it.
There will be no change in the management of Prospect Park or of its board of directors.
Prospect Park is an investment issuer listed on the Canadian Securities Exchange and the management of the company aims to continue to evaluate other investment opportunities in enterprises that have the potential to be commercially viable and have visibility toward high growth.
Prospect Park Capital Corp. (PPK) is up 46.15 per cent and is trading at $0.095 per share as of 11:39 a.m. EST.