Arius3D Corp. and Masterfile Corporation have agreed to extend to March 31, 2012 the closing of the previously announced proposed acquisition by Arius3D of all of the issued and outstanding securities of Masterfile
.
On August 19, 2011, Arius3D and Masterfile announced that Arius3D had entered into an agreement with the shareholders of Masterfile to purchase, on certain conditions, all the securities of Masterfile for CDN$21,379,580. (See
initial story.)
The initial closing date was set for October 31, 2011, but Arius3D unable to complete the financing for the transaction. The
closing date was extended to November 30, 2011 and
later extended to January 31, 2012.
Now, the closing date has been extended once again to March 31, 2012. Arius3D, supported by Masterfile, will continue the work required to complete the financing for the transaction. Masterfile has received unsolicited expressions of interest from independent third parties and may enter into discussions regarding that interest. If that or other interest is formally confirmed to Masterfile prior to Arius3D receiving a satisfactory term sheet or commitment letter with respect to the transaction financing, Masterfile may enter into a binding arrangement with such third party.