June 11, 2010
Zuni Holdings (formerly, MTI Global Inc.) (TSX:MTI) completed the sale of all of the shares of its subsidiary, MTI Polyfab, as well as certain other aerospace-related assets, to 3M Canada Holdings Ltd. for cash consideration of CDN$25,502,400, subject to certain pre and post-closing adjustments. In accordance with the terms of the sale transaction, MTI Global concurrently changed its name to Zuni Holdings Inc. The net proceeds from the transaction were used, in part, to repay debt while substantially all of the remaining net proceeds will be paid to shareholders as a return of capital.
Wildeboer Dellelce LLP acted as counsel to MTI Global in connection with the transaction with a team that included Troy Pocaluyko, Mark Wilson, Alexis Vazquez and Nick Dobbek (corporate/securities), Christopher Partridge (debt products) and Kevin Fritz (tax).