Jinsili International Steel Holdings Co., Ltd completed the acquisition of Lingxian Capital Inc. (TSXV:LXC.P) in a reverse merger transaction.
The proposed transaction is subject to a number of terms and conditions, including the entering into by the parties of a definitive agreement, the completion of the private placement, the receipt of all necessary regulatory, corporate and third party approvals, including the approval of the TSXV and the delivery of customary closing documentation including, without limitation, legal opinions, officers' certificates and certificates of good standing or compliance. The completion of the transaction is expected to occur following the satisfaction or waiver of the conditions precedent. As of December 12, 2014, the parties entered into the first amendment to the letter of intent, which has extended the date by which the parties will conclude the execution of a definitive agreement and closing of the transaction to March 31, 2015. Also, the finder's fee is to be paid to Qu Bo International Trading Company Limited in 0.5 million common shares of the resulting issuer at the deemed price of CAD 0.19 together with in 0.5 million non-transferable finder's warrants. Leede Financial Markets Inc. agreed to act as sponsor. A finder's fee of 0.50 million common shares and 0.50 million non-transferable finder's warrants is payable to Profitsion Global Holding Company Limited.
Jinsili International Steel Holdings Co., Ltd completed the acquisition of Lingxian Capital Inc. (TSXV:LXC.P) in a reverse merger transaction on September 11, 2015. Lingxian Capital Inc. has changed its name to Crownia Holdings Ltd. The common shares of the Company will commence trading under its new name with the symbol "CNH", which is expected to commence on September 15, 2015.