By Lois Ann Dort, Local Journalism Initiative Reporter
GUYSBOROUGH – Jaguar Financial Corporation announced a proposed reverse takeover on Nov. 5 – a process whereby private companies can become publicly traded companies without going through an initial public offering (IPO) – with Maritime Launch Services, the commercial aerospace company working towards establishing a spaceport in the Canso area.
Sarah McLean, vice president of communications and corporate affairs at MLS told The Journal via email on Nov. 9, “Maritime Launch decided to become a public company as it will provide the company with greater flexibility to secure financing for the future. In addition, going public allows Nova Scotians and Canadians the opportunity to directly participate in the company as shareholders.”
A binding letter agreement between Jaguar and MLS has been executed which, subject to certain conditions and applicable shareholder and regulatory approvals, will result in a reverse takeover.
According to the terms of the letter, holders of common shares of MLS will receive 4.5 Jaguar shares for each MLS share held; and all outstanding warrants, broker warrants and convertible debentures of MLS will be exchanged for equivalent securities of Jaguar.
The resulting board of directors will include Stephen Matier, director, president and chief executive officer; investment banker Sasha Jacob, director and chair; and François Desjardins, former CEO of Laurentian Bank, director.