Toronto, Ontario--(Newsfile Corp. - June 8, 2018) - Gunpowder Capital Corp. (CSE: GPC) (CSE: GPC.PR.A) (OTCQB: GNPWF) (FSE: YS6N) ("Gunpowder" or the "Corporation") announced today that it has ended its partnership with JIT Financial Inc., ("JIT") and that the Corporation is currently no longer in the ATM business.
The now terminated partnership was in effect for sixteen months. The original plan of the partnership was to allow the Corporation the ability to purchase a majority stake of the ATM Business or the ATM Business in full. The Corporation was unable to structure a partnership and revenue sharing agreement that was acceptable to all parties. The Corporation has sold back its stake in all acquired ATM's for no gain, or loss. The income earned during the sixteen months from ATM ownership was immaterial to Gunpowder. Gunpowder has also been repaid in full it's vaulting loan of One Million Dollars ('$1,000,000.00") CDN. Interest earned on this loan is approximately 20% per annum and we believe we can earn a better return on capital deploying these funds into other deals.
The Corporation may elect to re-enter into the ATM business space in the future.
About Gunpowder Capital Corp.
Gunpowder Capital Corp., is a merchant bank and advisory services firm based in Toronto, Ontario, Canada. Gunpowder invests in both publicly traded and private businesses that have successful management teams and attractive economic models. Gunpowder partners with these businesses to support their growth initiatives with its proven methodology of appropriate financing and structured exits. Gunpowder offers debt financing, including mezzanine and bridge loans, equity financing and advisory services. Gunpowder is also building a portfolio of companies in which it takes a long term position and view. For more information please visit www.gunpowdercapitalcorp.com
For further information please contact:
Mr. Frank Kordy
CEO & Director
Gunpowder Capital Corp.
T: (647) 466-4037
Mr. Paul Haber
Gunpowder Capital Corp.
T: (416) 363-3833
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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Source: Newsfile Corp.