|By Marketwired .||
|August 12, 2013 10:30 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/12/13 -- Gideon Capital Corp. ("Gideon Capital") (TSX VENTURE:GOL.P), a capital pool company as defined under Policy 2.4 of the TSX Venture Exchange (the "Exchange"), announces that it has entered into an agreement with Monterra S.A. ("Monterra") for the conversion of its previously announced loans to Monterra. In connection with Gideon Capital's proposed Qualifying Transaction with Monterra, Gideon Capital had advanced to Monterra $25,000 as an unsecured loan (the "Unsecured Loan") which matured on March 31, 2013, and $225,000 as a secured loan (the "Secured Loan") which matured on May 31, 2013. Gideon Capital and Monterra have entered into an agreement to convert the Unsecured Loan plus accrued interest of $1,461, the Secured Loan plus accrued interest of $24,586, and $100,000 of expenses incurred by Gideon Capital in connection with the Qualifying Transaction with Monterra, which was subsequently terminated, into an aggregate of 7,520,948 common shares of Monterra as part of a significant re-structuring being completed by Monterra. The shares issuable to Gideon Capital will represent approximately 6% of the issued and outstanding shares of Monterra upon completion of its initial re-structuring.
About Gideon Capital Corp.
Gideon Capital, a capital pool company within the meaning of the policies of the Exchange, was incorporated on June 15, 2011 and was listed on the Exchange on February 3, 2012. Gideon Capital does not have any operations and has no assets other than cash. Gideon Capital's business is to identify and evaluate businesses and assets with a view to completing a qualifying transaction under the policies of the Exchange.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Gideon Capital believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Gideon Capital disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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 release.
Gideon Capital Corp.
Bill G. Calsbeck
Chief Executive Officer