TORONTO, ONTARIO--(Marketwired - Mar 31, 2017) - Dundee Acquisition Ltd. (TSX:DAQ.A)(TSX:DAQ.WT) (the "Corporation") is reporting its financial results as at and for the year ended December 31, 2016. The Corporation's audited annual financial statements, along with the accompanying management's discussion and analysis, and annual information form, have been filed on the System for Electronic Document Analysis and Retrieval (SEDAR) and may be viewed by interested parties under the Corporation's profile at www.sedar.com or the Corporation's website at www.dundeeacquisition.com.
The Corporation also announces that the arrangement agreement relating to its previously announced proposed business combination with CHC Student Housing Corp. has been terminated. Under the Corporation's articles of incorporation, as amended (the "Articles"), the Corporation has until April 21, 2017 to consummate a business combination, failing which all of the issued and outstanding Class A Restricted Voting Shares issued in its initial public offering will be automatically redeemed within 10 days following that date. The Corporation will not be in a position to complete a business combination by such date and, accordingly, the shares will be automatically redeemed on the close of business on April 21, 2017. The redemption amount per share will, as provided under the Articles, be approximately $10.04 per share based on the value of the escrow account as of March 31, 2017. Payment of such amounts will constitute the Corporation's final payment in respect of the liquidation of the escrow account that holds the proceeds of the Corporation's initial public offering. There will be no distributions with respect to the Corporation's warrants. The Corporation expects trading of its securities on the Toronto Stock Exchange to halt at the close of business on the redemption date.
About Dundee Acquisition Ltd.
Dundee Acquisition Ltd. is a special purpose acquisition corporation formed for the purpose of effecting an acquisition of one or more businesses or assets, by way of a merger, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination.