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S.i. Systems Ltd. Closes Issuer Bid(March 21, 2012)
CALGARY, ALBERTA -- (Marketwire) -- 03/21/12 -- S.i. Systems Ltd. (the "Corporation") announced today the results of its issuer bid (the "Offer") to purchase common shares in the capital of the Corporation (the "Common Shares") at a price of $2.37 per Common Share payable in cash. The Offer was made on January 27, 2011 and was varied and extended on March 7, 2012.
The Offer expired at 5:00 p.m. (Calgary time) on March 19, 2012. 380,809 Common Shares have been deposited (and not withdrawn) as at the expiration of the Offer.
Pursuant to the terms of the Offer, the Corporation has taken up 380,809 Common Shares at a price of $2.37 per Common Share. The aggregate consideration for the Common Shares to be taken up and accepted for purchase and cancellation by the Corporation is $902,517.33. Payment for such Common Shares will be made as soon as practicable following take-up by the Corporation, but otherwise in compliance with the Offer and applicable legislation.
The Common Shares to be purchased under the Offer represent approximately 2.68% of the Common Shares issued and outstanding as of March 19, 2012. After such purchase, 13,812,806 Common Shares will remain outstanding.
About S.i. Systems Ltd.
The Corporation is a national supplier of on demand professionals. The Corporation provides professionals for contract, contract-to-hire, and permanent placements primarily in the Information Technology and Finance and Accounting industries across Canada.
S.i. Systems Ltd.
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