We are pleased to announce that Sayward Capital Corp. (TSXV: SAWC.P) (“Sayward” or the “Company”) and Technosteel Construction (L.L.C.) (“Technosteel”) have entered a non-binding letter of intent (the “LOI”) for a proposed business combination. This strategic transaction is poised to result in the reverse takeover of Sayward by Technosteel and its shareholders, creating a robust entity that will continue Technosteel’s operations under the name Technosteel Corp. (the “Resulting Issuer”).
Technosteel Construction (L.L.C.) is a distinguished contracting firm established in 2006 in Dubai, operating under the laws of the Abu Dhabi Global Markets (ADGM). Specializing in construction, civil engineering, and CNC systems, Technosteel has an extensive portfolio including industrial, commercial, and residential buildings, bridges, factories, petrol stations, warehouses, villas, car parks, and shopping malls. The firm prides itself on its ISO 9001:2008 certification, ensuring top-tier quality and operational standards.
Incorporated under the Business Corporations Act (Alberta), Sayward is a capital pool company under the policies of the TSX Venture Exchange (TSXV). With a primary focus on identifying and evaluating assets or businesses to complete a “Qualifying Transaction,” Sayward aims to leverage its public company platform to enhance growth and expansion opportunities.
The LOI outlines the framework for a proposed business combination, including the anticipated structure and terms. This strategic transaction is poised to result in the reverse takeover of Sayward by Technosteel and its shareholders, creating a robust entity that will continue Technosteel’s operations under the name Technosteel Corp., subject to TSXV approval. This business combination will involve a concurrent financing round aimed at raising between USD $2,000,000 and USD $5,000,000, bolstering the combined entity’s financial strength. The completion of this transaction is contingent upon regulatory approvals, satisfactory due diligence, and the execution of a definitive agreement.
Chittransh Verma, Chief Strategy Officer at ARC Group, stated, “The strategic alignment of Technosteel’s established operational excellence with Sayward’s public market presence is a significant milestone. This transaction will unlock new avenues for growth, leveraging capital markets to propel Technosteel’s ambitious expansion plans.”
ARC Group was the advisor to Technosteel Construction (L.L.C.) in this transaction.
ARC Group, established in 2016, is a premier global financial services and advisory firm renowned for its expertise in bridging markets across Asia, the US, and Europe. Recognized as the best global mid-market investment bank in 2020, ARC Group has consistently led SPAC M&A charts by both transaction count and value in 2022. Our comprehensive suite of services encompasses IPOs, M&A, financing, venture capital, and SPACs, bolstered by a robust presence in key financial markets worldwide.
Chittransh Verma
Chief Strategy Officer
[email protected]
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