Hubba: CANSO SELECT OPPORTUNITIES CORPORATION ANNOUNCES SALE OF CERTAIN ASSETS TO SKUNKWORKS INVESTMENT CORPORATION

Not for distribution to U.S. news services or dissemination in the United StatesRICHMOND HILL, Ontario, March 11, 2020 (GLOBE NEWSWIRE) -- Canso Select Opportunities Corporation (TSXV:CSOC, CSOC.B)) (the "Company" or "CSOC") is pleased to announce that it has agreed to sell certain of its assets consisting of 112,668 Series 4 Class A preferred shares of Hubba Inc. to Skunkworks Investment Corporation ("Skunkworks") for total cash consideration of approximately US$1,823,249.91 pursuant to a share transfer agreement dated March 11, 2020 (the "Transaction"). The purpose of the Transaction is to free up capital and provide the Company with more funds with which to diversify its portfolio base. As at December 31, 2019, the Hubba position accounted for approximately 25.6% of the Company's assets. The Transaction is intended to reduce the Hubba position to 6% of the Company's assets. The Company wanted to reduce this position and use the gross proceeds of the Transaction to pursue several investment opportunities currently under investigation and for general working capital purposes.John Carswell, a director of CSOC, beneficially owns, directly or indirectly, or exercises control or direction over, approximately 45% of the voting rights of CSOC. In addition, John Carswell, a director of Skunkworks, directly and indirectly beneficially owns, in the aggregate, more than 50% of the securities of Skunkworks. As such, the Transaction is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Transaction is exempt from the formal valuation requirements of MI 61-101 pursuant ...Full story available on Benzinga.com