OTTAWA, March 27, 2013 /CNW/ - Wesley Clover International Corporation ("WCIC"), of 390 March Road, Suite 110, Ottawa, Ontario, announces that in connection with the closing of the Qualifying Transaction of Magor Corporation (formerly Biovest Corp. I) ("Magor") (TSXV: MCC) on March 11, 2013, WCIC acquired ownership of 13,325,625 common shares of Magor. Following the completion of Magor's Qualifying Transaction and concurrent prospectus offering, WCIC holds approximately 29.06% of the issued and outstanding common shares of Magor.
In addition to the aforementioned common shares, in connection with the completion of Magor's Qualifying Transaction, WCIC has also acquired 275,000 Class A shares in the capital of Magor (which Class A shares automatically convert into Magor common shares in accordance with the Class A share provisions) and 227,723 warrants for the purchase of common shares in the capital of Magor. Upon conversion of WCIC's Class A shares into Magor common shares and upon exercise of WCIC's common share purchase warrants, WCIC shall own and control approximately 30.16% of Magor's presently issued and outstanding common shares.
WCIC acquired the securities for investment purposes. WCIC may in the future take such actions in respect of its holdings as it may deem appropriate in light of the circumstances then existing, including acquiring ownership or control over additional common shares or other securities of Magor or the disposition of all or a portion of its holdings in open market or in privately negotiated transactions.
The acquisition of the 13,325,625 common shares, 275,000 Class A shares and 227,723 warrants was carried out in accordance with and in reliance on the "Business combination and reorganization" exemption in section 2.11 of National Instrument 45-106 - Prospectus and Registration Exemptions which has been adopted by the securities regulatory authorities in all Provinces of Canada and which exempts the transfer and issue of such securities from the prospectus requirements of applicable securities law.
A copy of the early warning report in respect of this transaction has been filed with the applicable securities commissions and can be found at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Wesley Clover International