(via TheNewswire)
About Wabush
Wabush is a privately held Company based in
Proposed Transaction
Pursuant to the terms of the Letter of Intent, the Company will acquire 100% of the issued and outstanding securities of Wabush in exchange for securities of the Company. Wabush currently has approximately 10,000,000 common shares issued and outstanding (the “Wabush Shares”) and approximately 5,000,000 common share purchase warrants (the “Warrants”), held by the securityholders of Wabush (the “Wabush Securityholders”). As consideration for the Transaction, the Company will issue:
- one common share in the capital of the Company for each Wabush Share acquired (the “Consideration Shares”), to the Wabush Securityholders on a pro-rata basis; and
- one common share purchase warrant for each Wabush Warrant acquired (the “Consideration Warrants”, together with the Consideration Shares, the “
Consideration Securities ”), with the same terms as conditions as the Wabush Warrants, to the Wabush Securityholders on a pro-rata basis.
The Letter of Intent sets out certain terms and conditions pursuant to which the Transaction will be completed. The Transaction remains subject to certain closing conditions including, without limitation, (a) Wabush providing a technical report for the
Concurrent Financing
Prior to or concurrently with the closing of the Transaction, the Company will complete a financing to raise a minimum of
About Manning
Manning is a
For further information contact:
Zula Kropivnitski, Chief Financial Officer
Email:zkropivnitski@preaknessgroup.com
Telephone: (604) 681-0084
FORWARD LOOKING STATEMENTS:
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
Completion of the Transaction is subject to a number of conditions, including receipt of appropriate regulatory approvals. The Transaction cannot close until all such conditions are satisfied. There can be no assurance that the Transaction will be completed as proposed or at all.
All information contained in this news release with respect to the Company and Wabush was supplied by the parties, respectively, for inclusion herein, and the Company and its respective directors and officers have relied on Wabush for any information concerning such party.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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Copyright (c) 2021 TheNewswire - All rights reserved., source