CALGARY, AB / ACCESSWIRE / December 15, 2015 / Platinum Communications Corporation ("Platinum" or the "Corporation") (TSX-V: PCS) announces that the acquisition of all of the issued and outstanding common shares of Platinum by Xplornet Communications Inc. ("Xplornet") by way of a plan of arrangement (the "Plan of Arrangement") under the provisions of section 193 of the Business Corporations Act (Alberta) pursuant to an arrangement agreement dated September 8, 2015 between Platinum and Xplornet (the "Arrangement") has been completed. Platinum is now a wholly-owned subsidiary of Xplornet.
Pursuant to the Arrangement, each holder of Platinum Shares will receive $0.16 per Share in cash.
The Arrangement was approved by the securityholders of Platinum at a special meeting held on November 2, 2015. Final approval for the Arrangement was obtained from the Court of Queen's Bench of Alberta, Judicial Centre of Calgary, Alberta on November 3, 2015.
As a result of the Arrangement, Platinum will apply for the Shares to be delisted from the TSX Venture Exchange. Platinum will also apply for an order to cease to be a reporting issuer in the Provinces of Alberta, British Columbia and Ontario.
For further information or media inquiries, please contact:
Morten Paulsen
Tel: (403) 399-3377
Email: morten@paulsengroup.ca
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 news release.
SOURCE: Platinum Communications Corporation
