This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

TriNorth Shareholders Approve New Financing, Distribution Of Feronia Shares, Consolidation And Name Change

TORONTO, May 28, 2012 /CNW/ - Shareholders of TriNorth Capital Inc. (TSXV:TRT) have approved a number of resolutions that pave the way for TriNorth's rebirth as Difference Capital Funding, a technology-oriented merchant bank.

The following initiatives were approved at TriNorth's annual and special meeting on May 24, 2012:

  • Consolidation of TriNorth's existing common shares on the basis of one post-consolidation share for every ten existing shares.
  • A private placement of post-consolidation common shares at an offering price of $0.30 per share for gross proceeds of up to $100 million.
  • A change in TriNorth's name to Difference Capital Funding Inc.

Feronia Distribution

TriNorth currently holds 15,913,000 common shares of Feronia Inc. ("Feronia")(TSXV: FRN). Of those shares, TriNorth will distribute 14,913,000 shares to the TriNorth shareholders of record as of May 11, 2012 (the "Distribution Shares"). TriNorth will hold back 1 million Feronia shares to offset its liabilities. The distribution will result in each TriNorth shareholder of record receiving 0.0988 Feronia common shares for each common share of TriNorth held as at the record date. A shareholder's pro rata share of the distribution will be rounded down to the nearest whole share, with the fraction being retained by TriNorth.

As stated, the record date for the distribution was May 11, 2012, resulting in an ex-distribution date of May 9, 2012. The process for distribution will be as follows:

  • TriNorth will create a trust for the benefit of eligibile shareholders (expected to be created during the week of May 28, 2012).
  • The Distribution Shares will be transferred into this trust, which is to be created prior to the closing of the private placement and share consolidation, and in order to expedite such closing.
  • TriNorth will then undertake certain steps with its transfer agent and the transfer agent of Feronia in order to re-register and transfer the Distribution Shares currently registered in the name of TriNorth, to the TriNorth shareholders of record.
  • Once the company coordinates the mechanics of the re-registration of the Distribution Share certificates, the re-registered Feronia shares will be distributed to the eligible TriNorth shareholders.
  • TriNorth expects this entire process to take approximately one month to complete, but in any event the distribution is expected to be completed no later than July 15, 2012.

Each resolution presented at the meeting received the support of at least 97 per cent of votes cast. The initiatives are subject to final approval by the TSX Venture Exchange.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs