TORONTO , Nov. 7, 2019 /CNW/ - Canaccord Genuity Group Inc. (TSX: CF, the "Canaccord Genuity" or "Company") announces that between November 4, 2019 and November 6, 2019 Canaccord Genuity Corp., a wholly-owned subsidiary of Canaccord Genuity Group Inc., sold 675,000 common shares of Spark Power Group Inc. ("Spark Power") for an average sale price of $1.02 per share, and aggregate gross proceeds of $689,934 .
Prior to the sales, Canaccord Genuity beneficially owned, indirectly through its subsidiaries Canaccord Genuity Corp. and CG Investments Inc., 4,439,133 common shares and 1,541,053 warrants of Spark Power, representing approximately 8.58% of the outstanding common shares on a non-diluted basis and approximately 11.23% on a partially diluted basis assuming the exercise of all warrants beneficially owned by Canaccord Genuity.
As a result of the sales, Canaccord Genuity now beneficially owns 3,764,133 common shares and 1,541,053 warrants of Spark Power, representing approximately 7.28% of the outstanding common shares on a non-diluted basis and approximately 9.96% on a partially diluted basis assuming the exercise of all warrants beneficially owned by Canaccord Genuity.
The sales made resulted in Canaccord Genuity having a partially diluted beneficial ownership of less than 10% necessitating the filing of an early warning report.
The remaining securities described herein are held for investment purposes, Canaccord Genuity may from time to time and at any time, acquire common shares of Spark Power in the open market or dispose of any or all of its securities in the open market or otherwise, depending on market conditions, the business and prospects of Spark Power and other relevant factors.
A copy of the early warning report filed in connection with the sale will be made available on SEDAR (www.sedar.com).
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the "Company") is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada , the UK, Guernsey, Jersey, the Isle of Man and Australia . Canaccord Genuity, the international capital markets division, operates in North America , UK & Europe , Asia , Australia and the Middle East .
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
SOURCE Canaccord Genuity Group Inc.
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