TORONTO, Aug. 28, 2013 /CNW/ - Eric Owens announces that he has acquired an aggregate of 848,334 common shares of Folkstone Capital Corp. (the "Company") in connection with the amalgamation of Folkstone Capital Corp. ("Folkstone") and Sophia Capital Corp. ("Sophia") (the "Amalgamation") pursuant to the provisions of the Business Corporations Act (British Columbia), Policy 2.4 of the TSX Venture Exchange entitled "Capital Pool Companies", and the terms and conditions of an amalgamation agreement dated July 26, 2013 between Folkstone and Sophia.
Upon completion of the Amalgamation, each Folkstone share was changed into one common share of the Company and each shareholder of Sophia became eligible to exchange their common shares of Sophia for common shares of the Company on the basis of 1.09 common shares of the Company for every one (1) common share of Sophia outstanding immediately prior to the time on the date on which the Amalgamation became effective.
Pursuant to the Amalgamation, which became effective on August 27, 2013, Eric Owens, Mario Miranda, and Eddy Canova have been appointed to the board of directors of the Company. Mr. Owens will serve as Chief Executive Officer and Mr. Miranda will serve as Chief Financial Officer and Secretary of the Company. The said 848,334 common shares represent approximately 14.46% of the issued and outstanding common shares of the Company. Mr. Owens held no securities of the Company prior to the acquisition discussed above.
Reference is made to the Company's press release dated August 28, 2013 with respect to the completion of the Amalgamation.
Mr. Owens may in the future increase or decrease his ownership of securities of the Company from time to time depending upon the business and prospects of the Company and future market conditions.
Mr. Owens is Chief Executive Officer and a director of the Company. Mr. Owens' address is 298 Waverley Road, Toronto, ON M4L 3T6.
An Early Warning Report in respect of the foregoing will be filed and available under the profile of the Company at www.sedar.com.
SOURCE Folkstone Capital Corp.