On August 5, 2021, Mosaic Capital Corporation (“Mosaic”) completed its sale to 2356430 Alberta Inc. (the “Purchaser”), a newly formed private company owned by an entity controlled by Fairfax Financial Holdings Limited and MCC Holdings Ltd. Implemented through a statutory plan of arrangement under the Business Corporations Act (Alberta), the Purchaser acquired all of Mosaic’s outstanding common shares for $5.50 per share and all of its outstanding convertible unsecured subordinated debentures for consideration of $1,000 plus accrued and unpaid interest for each $1,000 principal amount, in an all-cash transaction valued at approximately $277.3 million (inclusive of debt). As part of the transaction, ATB Financial refinanced certain outstanding indebtedness of Mosaic.
Mosaic’s common shares and debentures were each delisted from the TSX Venture Exchange effective as of the close of trading on August 5, 2021.
Farris LLP represented Mosaic with a team led by Brian Canfield, and which included Ron Murray, Daniel Everall and Kurtis Harms (Corporate/M&A); Teresa Tomchak (Litigation); David Selley (Competition); and Mark Chu (Tax).