Acasta Enterprises Inc. receives shareholder approval of Qualifying Acquisition

TORONTO, Dec. 20, 2016 /CNW/ - Acasta Enterprises Inc. (TSX: AEF) ("Acasta") today announced that its shareholders have overwhelmingly approved its Qualifying Acquisition, with over 89% of the votes cast in favour of the Qualifying Acquisition.  A copy of the complete report on voting at the meeting will be made available on SEDAR.

The Qualifying Acquisition is scheduled to close on January 3, 2017, subject to the satisfaction of certain conditions as set out in the purchase agreements for the three businesses.

About Acasta Enterprises Inc.

Acasta is a special purpose acquisition corporation that raised $402.5 million in its initial public offering of Class A restricted voting units of Acasta, in July 2015, with the purpose of effecting a qualifying acquisition. Following the Qualifying Acquisition, Acasta will become a private equity manager and will launch a private equity fund to pursue further market opportunities.

BMO Capital Markets, TD Securities, and Canaccord Genuity Corp. are acting as co-financial advisors and joint bookrunners, and Goodmans LLP is acting as legal counsel, to Acasta.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward‐looking statements (within the meaning of applicable securities laws) which reflect Acasta's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on Acasta's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the completion of the Qualifying Acquisition and Acasta's intention to launch as a long-term investment and private equity management firm.

The forward-looking statements in this news release are based on certain assumptions, including without limitation the receipt of any required regulatory and shareholder approvals, and the expected timing related thereto, and the expectation that no event, change or other circumstance will occur that could give rise to the termination of any of the purchase agreements. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the risk that the Qualifying Acquisition may not be completed as planned. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Acasta assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Acasta Enterprises Inc.

Richard Smith, Chief Operating Officer and Chief Financial Officer, Telephone No.: 647-725-6707