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Client Work

Toro FX sold to Grey Horse for US$4.9 million

Fasken
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Overview

Client

Toro FX

On July 2, 2008, Grey Horse Corporation (TSX:GHC), a Canadian financial services company serving the corporate and institutional market, announced that it had finalized its previously announced agreement to purchase all of the shares of Toro FX Inc., a privately owned Canadian corporation providing foreign exchange services to a varied client base. The agreed purchase price for the transaction was $4.9 million, subject to adjustments based on the achievement of certain financial performance conditions within the six, twelve and twenty four month periods following the closing of the transaction today. Forty per cent of the agreed purchase price, as adjusted, will be paid by means of the issuance of Grey Horse common shares from treasury. Toro FX was advised in this transaction by Craig Brown and Charles Todd of Fasken Martineau.

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