TORONTO,
July 31, 2013 /CNW/ - Everfront
Ventures Corp. ("Everfront") (TSXV: EVC.P) is pleased to
announce that it has received conditional approval from the TSX
Venture Exchange ("TSXV") for the closing of its Qualifying
Transaction, as defined under TSXV Policy 2.4 - Capital Pool
Companies (the "CPC Policy") and that further to its
press release dated October 17, 2012,
Everfront has filed its filing statement in connection with its
Qualifying Transaction (the "Filing Statement").
As previously announced, Everfront's Qualifying
Transaction involves the purchase by Everfront, pursuant to an
amalgamation agreement dated October 12,
2012 (the "Amalgamation Agreement") with Canagco
Mining Corp. ("Canagco"), of all of the outstanding common
shares of Canagco by way of a three cornered amalgamation among
Everfront, Canagco and a wholly owned subsidiary ("Subco")
of Everfront to be incorporated under the laws of the Province of
Ontario for the purposes of the
Qualifying Transaction.
Assuming all conditions for closing are
satisfied, Everfront expects to close the Qualifying Transaction on
or about October 17, 2013. Upon
completion of the proposed Qualifying Transaction, Everfront is
expected to meet all of the minimum listing requirements for a Tier
II mining issuer on the TSXV. The Filing Statement is available
under Everfront's profile on SEDAR at www.sedar.com.
Following completion of the Qualifying
Transaction, the business of Everfront will be to manage and
operate the business of Canagco. Canagco is an exploration stage
mining company and its current principal mineral project is the
Langis Silver Project which consists of 35 patented contiguous
mining claims located in Casey and
Harris Townships in Ontario's famed Cobalt Silver Mining Camp,
which has seen historical production of some 500,000,000 ounces of
silver from numerous mines. The property is located approximately
500 kilometres north of Toronto. The Langis Project includes the
past-producing Langis and Dolphin-Miller silver-cobalt
deposits.
Everfront Ventures Corp.
Everfront Ventures Corp. is a capital pool
company listed on the TSXV. Everfront was established pursuant to
the CPC Policy which permits an initial public offering and a TSXV
listing by a newly created company that has no assets, other than
cash, and has not commenced commercial operations. Prior to
entering the Amalgamation Agreement, the principal business of
Everfront has been the identification and evaluation of assets with
a view to completing a Qualifying Transaction.
Completion of the Qualifying Transaction is
subject to a number of conditions, including but not limited to,
final TSXV acceptance. There can be no assurance that the
Qualifying Transaction will be completed as proposed or at
all.
Investors are cautioned that, except as
disclosed in Filing Statement filed in connection with the
Qualifying Transaction, any information released or received with
respect to the Qualifying Transaction may not be accurate or
complete and should not be relied upon. Trading in the
securities of a capital pool company should be considered highly
speculative.
The TSXV has in no way passed upon the merits
of the proposed Qualifying Transaction and has neither approved nor
disapproved the contents of this press release. Neither the
TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
This press release contains forward-looking
information within the meaning of Canadian securities laws.
Such information includes, without limitation, information
regarding the completion of the Qualifying Transaction.
Although Everfront believes that such information is reasonable, it
can give no assurance that such expectations will prove to be
correct. Forward looking information is typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their
nature, refer to future events. Everfront cautions investors that
any forward-looking information provided by Everfront are not
guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
information as a result of various factors, including, but not
limited to: Everfront's ability to complete the proposed Qualifying
Transaction; the state of the financial markets for Everfront's
equity securities; the state of the market for minerals that may be
produced generally by Everfront in the event the Qualifying
Transaction is completed; recent market volatility; Everfront's
ability to raise the necessary capital or to be fully able to
implement its business strategies; and other risks and factors that
Everfront is unaware of at this time. The reader is referred to
Everfront's most recent annual and interim Management's Discussion
and Analysis for a more complete discussion of all applicable risk
factors and their potential effects, copies of which may be
accessed through Everfront's page on SEDAR at
www.sedar.com.
SOURCE Everfront Ventures Corp.