TORONTO, ONTARIO--(Marketwired - Mar 6, 2017) - In connection with a change of business transaction approved by the shareholders of Automotive Finco Corp. (the "Company") (formerly Augyva Mining Resources Inc.) on February 23, 2017, AA Capital LP ("AA Capital"), located at 200 Bay Street, Suite 3800, Toronto, Ontario M5J 2Z4, Canada, has filed an early warning report announcing that AA Capital acquired ownership of 65,000,000 common shares ("Shares") in the Company, located at 8 King Street East, Suite 1800, Toronto, Ontario, M5C 1B5, Canada, (the "Resulting Issuer") at a price of $0.16 per Share for cash consideration of $10,400,000. The Shares were acquired by AA Capital by way of private placement which closed on March 3, 2017 (the "Private Placement") and not pursuant to market purchases.
As a result of the Private Placement, AA Capital, the general partner of which is controlled by Mr. Kuldeep Billan, is now a shareholder and a control person of the Company. Following the Private Placement, AA Capital owned and exercised control over 65,000,000 Shares, representing 24% of the total issued and outstanding Shares. Prior to the Private Placement, AA Capital owned no Shares of the Company. On March 3, 2017, the Company filed articles of amendment to change its name to Automotive Finco Corp. and consolidate its Shares on a 15:1 basis (the "Consolidation"). As a result of the Consolidation, AA Capital currently owns and exercises control over 4,333,333 Shares, representing 24% of the total issued and outstanding Shares.
The Shares were acquired for investment purposes. AA Capital will evaluate its investment in the Company from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease shareholdings as circumstances require.
This news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Company is a reporting issuer containing additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website at www.sedar.com. A copy of the Early Warning Report may also be obtained by contacting Kuldeep Billan at 416 309-2198 or firstname.lastname@example.org.