Topic: Cavirtex Private Shares (Read 3988 times)

It is interesting though the company went bankrupt, but considering they got bought out there should be a settlement
Best of luck to the shareholders.

After this time that has went by, I'm not exactly bullish on this situation. It would've helped if customer service reps would've gotten back w/ folks. Shareholders look for hope or do whatever they do..

Jaron (from Coinsetter) told people inquiring to email him.  I have not myself.  I do know that despite all the e-mails from Amy (?) I still haven't received my actual share paperwork.

Has anyone heard anything regarding the shares now that coinsetter has taken over?

I did not.

Since there is only one week left on this proposal curious how the market settled it
Aka who went and took the deal and who did not.

It's all there in the mail. The question remains. Is
an acceptable buyback price? and how many of you think this is a good deal?

I read their note as a forced buy back (for non accredited investors).
Can anyone confirm that?

If I recall correctly cavirtex said you didn't need to be accredited, so now I'm not sure if that legal definition did change.
That said it would be hard to forcibly refund someone who didn't provide details seems like they would time out and be forced to take the money if they respond past the deadline.

Note that "accredited investor" has a specific meaning...

http://www.osc.gov.on.ca/en/21943.htm

So it could be the case that unless you provide your OSC registration details, you will be forcibly refunded.

There is a discussion of this in the official Cavirtex thread as well but to quote from it if you take the deal you can't sue and you make a 10 dollar fiat gain from the IPO price and take a 50% Bitcoin loss from the havelock closing price.
If you don't participate in the buyback you retain your right to sue and ownership of the company but no votes.
Should you choose to not exercise your right of rescission you will remain a Class "B" Non-Voting shareholder of the Company.
___

As you know, 1612643 Alberta Inc. operating as CA Virtex, (the "Company") delisted from havelockinvestments.com ("Havelock") effective December 31, 2013, following which all holders of an interest in the Company purchased on Havelock were issued Class "B" Non-Voting Shares in the capital of the Company.  Many shareholders provided their registration details and were subsequently provided with a copy of the share certificate evidencing their Non-Voting Shares.  Part of the registration process was designed to assist the Company in reviewing prior sales of its securities to ensure compliance with applicable securities laws. As the Company has not prepared a prospectus qualifying the distribution of its securities it must comply with applicable exempt financing rules relating to the sale of its shares. This means that each purchaser of the Company's shares must qualify as an "accredited investor". The Company has made attempts to identify accredited investors throughout the registration process.  Many shareholders, however, have not responded to the Company's requests for registration information.  As a result of the difficulty in completing the registration process, the Company has determined to offer (the "Offer") a right of rescission to all of the Class "B" Non-Voting shareholders, without regard to whether or not registration details were previously provided.

The Offer is being made to all Class "B" Non-Voting shareholders on the basis of CAD$0.40 or 0.00070052 BTC per share (the "Offer Price") (or, prior to giving effect to the conversion to Class "B" Non-Voting Shares, the equivalent of CAD$40 or 0.070052 BTC per unit as then listed on Havelock).  Should you exercise your right of rescission, you will receive an amount equal to the Offer Price multiplied by the number of Class "B" shares held by you, payable in BTC or Canadian dollars.  If you elect to be paid in BTC then payment will be made at a fixed exchange rate of CAD$571/BTC.  The Offer Price will be paid without interest or deduction and, in making the election to accept the Offer, you will be deemed to have never been a shareholder or have any other interest or rights in or relating to the Company and you agree to waive any right to pursue the Company at law or in equity for any claim in any jurisdiction against the Company and its officers, directors and employees.  The Offer will remain open for 35 days, until 9/25/2014, 2014 at 4:00PM MST (the "Expiry Time").  Should you choose to not exercise your right of rescission you will remain a Class "B" Non-Voting shareholder of the Company.  To accept the Offer please reply by return email indicating your acceptance of the Offer (in BTC or CAD) and providing the applicable BTC address for payment in BTC. For payment in CAD, you must have a Canadian Bank account and be able to accept and electronic funds transfer credit, you will be provided details on setup when you respond.

Should you have any questions regarding this matter, please reply to this e-mail.
Authorized By: Joseph David per 1612643 ALBERTA INC.

Thank-you
Jennifer Kirk
CaVirtEx Executive Assistant 

I have also received this and am not sure how to proceed.

If we don't participate in the buyback, what happens?

What would you suggest they do?

Anyhow its not a forced buy back and the price is actually the same in CAD$ (1 share on Havelock is now 100 shares IRL)

It's $0.40 if you've already converted, $40 if you haven't.

For those unaware, when registering the shares you were to multiply your actual held by 100 to deduce your new share count.  I.E. 25 shares pre-registration turned into 2500 shares post registration.  Either way, those 25 (2500) shares are valued at $1000.

Wow. Legit or not, cavirtex sure know how to dupe their early investors.

Havelock why did you not thwart this scuzzy, if not outright scammy, maneouvre ? Is this because you have no teeth or is it because you have no spine ? Or both ?

Has anyone else received a buyback offer for Cavirtex shares from Joseph David, the CEO?

The buy back offer is for CAD$0.40 or 0.00070052 BTC per share (the equivalent of CAD$40 or 0.070052 BTC per unit as then listed on Havelock)

The offer expires Sept 25th, 2014. 

It seems like a very low price.  I wonder if you decide to keep your shares, do you have to prove you are an accredited investor?

I just received my share certificate via email last night, I'm sure you'll be getting yours soon!

A shareholder I know has informed me that they received their certificate today in PDF format by email. I imagine everybody should get theirs this month, if not this week.

Nothing yet, but have been told this week.

Any update on this?

I haven't received anything yet.