(November 24 – 15:25 ET) – Fund company Sentry Select Capital Corp. is set to become publicly traded upon completion of a reverse take-over of Founders Capital Corp.

Founders Capital Corp. says that it has received shareholder approval to complete its qualifying transaction, pursuant to the terms of an agreement with John Driscoll and Sentry Select Capital Corp. Canaccord Capital Corp. acted as sponsor in connection with the transaction.

Founders has acquired all of the issued and outstanding shares of Sentry Select in exchange for an aggregate of 3,882,180 common shares and 26,074,890 preferred shares, each at a deemed price of 18¢ a share. This represents an aggregate deemed consideration of approximately $5.4 million, or about 10% of the assets that Sentry Select has under management. Upon completion of the reverse take-over, Founders will change its name to Sentry Select Capital Corp.

Sentry Select acts as the manager, distributor, promoter and trustee of each of 12 Sentry Select mutual funds. As of July 19, Sentry Select had about $54 million in net assets under administration.

John Driscoll is Sentry Select’s president and CEO. Driscoll has been president of NCE Resources Group, an organization of private companies specializing in oil and gas investments and petroleum related advisory, management and consulting services since March 1984. Driscoll also founded and has been president, since 1981, of J.F. Driscoll Investment Corp., an investment management company.

Glenn MacNeill has been Sentry Select’s vice president, investments since April 1999.
Previously MacNeill was a research analyst and HSBC Securities and an energy analyst at Scotia Capital Markets.

David Schwartz has been senior vice president and COO of Sentry Select since September 1997.Schwartz has over 25 years of experience in the mutual fund industry, including a stint as the president of Spectrum United Mutual Funds.