Toronto, Ontario--(Newsfile Corp. - December 20, 2019) - Prime City One Capital Corp. (NEX: PMO.H) (the "Company"), announces today that Gravitas Financial Inc. ("GFI"), a principal shareholder of the Company, has completed the sale of 6,610,238 common shares, representing 54.17% of the issued and outstanding common shares of the Company, to Ridley Park Capital Inc. ("RPC") (the "Transaction").
The Transaction constitutes a "change of control" under the policies of TSX Venture Exchange (the "Exchange"). The Exchange has approved the Transaction. After giving effect to the Transaction, GFI no longer holds any shares of the Company and RPC became the largest shareholder of the Company through its ownership of 6,610,238 common shares, representing 54.17% of the issued and outstanding common shares of the Company.
RPC is an investment holding company, incorporated under the Business Corporations Act (Ontario), wholly owned by Patrick Sapphire. Mr. Sapphire is an entrepreneur and investor. He currently acts as Chief Executive Officer of Principle Capital Partners Corporation, a venture capital and consulting firm based in Toronto, Ontario, and Chairman of Gold Miners Split Corp., a CSE listed issuer.
In connection with the Transaction, Patrick Sapphire has been appointed as a Director of the Company to fill the vacancy left by Hassan Dahlawi who has passed. Furthermore, Vikas Ranjan has resigned as the Chief Executive Officer and a Director of the Company. Graham Simmonds has been appointed as a Director by the remaining members of the Board of Directors to fill the vacancy left by Mr. Ranjan's resignation. Mr. Simmonds has also been appointed as the Chief Executive Officer and Corporate Secretary of the Company, effective today.
Mr. Simmonds is an entrepreneur with a diverse background in consumer-driven businesses. He has founded and taken public three companies over the past 15 years in the gaming, cannabis and financial technology sectors. He has over 20 years of general experience in public company management and business development projects within both the gaming and technology sectors. He is also licensed and/or has previously been licensed/registered with a number of horse racing and gaming commissions in the United States and Canada. Graham is the founder and former Chairman and Chief Executive Officer of CordovaCann Corp., a Canadian-domiciled diversified cannabis investment company listed on the CSE, and DealNet Capital Corp., a consumer finance company listed on the TSX-V. Mr. Simmonds is currently the Chairman of CBx Brands Inc., an international manufacturer and distributor of cannabinoid products, and is the Chairman and Chief Executive Officer of Baymount Incorporated, a TSX-V listed company, and Gilla Inc., a OTC listed company.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) has reviewed or accepts responsibility for the adequacy or accuracy of this press release.
For more information, please contact:
Chief Executive Officer
Phone: (416) 843-2881
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