Central Revises Terms for Canadian Uranium Acquisition and Appoints Director
11 6월 2014 - 12:36AM
Marketwired
Central Revises Terms for Canadian Uranium Acquisition and Appoints
Director
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 10, 2014) -
Central Resources Corp., (TSX-VENTURE:CBC) ("Central" or the
"Company") announces that it has revised the terms to acquire (the
"Acquisition") all of the issued and outstanding securities of
Canadian Uranium Corp. ("CANU"), a private British Columbia mining
exploration company.
Under the revised Acquisition terms, CANU shareholders will now
receive one common share of the Company ("CBC Share") for every two
and one-quarter CANU common shares ("CANU Shares"). Further, prior
to the Acquisition, Central will effect a consolidation of the CBC
Shares (the "Consolidation") on a revised three for one basis,
which would result, on a pro forma basis, in 5,039,000 CBC Shares
issued and outstanding based on the 15,117,000 CBC Shares currently
issued and outstanding.
After completion of the Acquisition, the Company would then
have, on a pro forma basis, 12,948,779 common shares issued and
outstanding based on the current capital structure of CANU and
Central, with shareholders of CANU holding approximately 61% of the
issued shares and Central shareholders holding approximately 39% of
the issued shares.
In connection with the Acquisition, the Company is undertaking a
private placement (the "Private Placement") of units for gross
proceeds of not less than $750,000 under the following revised
terms: a total of 6,818,182 units will be offered at a price of
$0.11 per unit (equivalent to a pre-Consolidation price of $0.0367
per unit). Each unit will consist of one common share and one half
transferable share purchase warrant. Each whole warrant will
entitle the holder to purchase, on a post-Consolidation basis, one
common share of the Company at a price of $0.15 during the first
year following closing and $0.25 during the second year following
closing. The Company may pay finder's fees and issue finder's
warrants on all or a portion of the proposed financing.
The Company is pleased to announce the appointment of Brian
Butterworth to the board of directors. Mr. Butterworth has 30
years' experience with both major and junior mining companies in
mineral exploration, mine development and capital markets. Most
recently, Brian held the position of Director, North American
Exploration for Cliffs Natural Resources Inc. Prior to joining
Cliffs Brian was Vice President, Mining Investment Banking at
Mackie Research Capital.
Completion of the Acquisition is subject to a number of
conditions, including, but not limited to the receipt of all
necessary regulatory, corporate and third party approvals,
compliance with all applicable regulatory requirements, and the
completion of the Private Placements for gross proceeds of not less
than $750,000. There can be no assurance that the Acquisition will
be completed as proposed or at all. It is expected that the
acquisition will constitute a Reverse Takeover ("RTO") under the
rules and policies of the TSX Venture Exchange.
Investors are cautioned that, except as disclosed in the Filing
Statement to be prepared in connection with the transaction, any
information released or received with respect to the RTO may not be
accurate or complete and should not be relied upon. Trading in the
securities of the Company should be considered highly speculative.
Trading in the Company's shares is currently halted in compliance
with the RTO policies of the TSX Venture Exchange.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking information,
which involves known and unknown risks, uncertainties and other
factors that may cause actual events to differ materially from
current expectation. Important factors - including the availability
of funds, the results of financing efforts, the results of
exploration activities -- that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time on SEDAR (see
www.sedar.com). Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this press release. The company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Central Resources Corp.Paul ReynoldsPresident and CEO604 630
3731info@centralres.cawww.centralres.ca
Uranium Standard Resources Ltd. (TSXV:CBC)
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Uranium Standard Resources Ltd. (TSXV:CBC)
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