The transactions contemplated by the WoodEx LOI and the KWP/Prairie LOI (collectively, the "Transactions") will collectively constitute a "Fundamental Acquisition" as contemplated by the policies of the
Business of WoodEx
WoodEx operates a sawmill located in
Business of KWP
KWP is a post peeling and treatment operation and plant, with its principal operations located in
Business of Prairie
Prairie is a contract logger operating in the
Details of the Transactions
Under the terms of the WoodEx LOI,
Under the terms of the KWP/Prairie LOI,
Conditions to Completion
Completion of the Transactions is subject to a number of conditions, including but not limited to, entering into definitive agreements with WoodEx, KWP and Prairie, Exchange acceptance, any other required regulatory and/or shareholder approval, and completion by
Non Arm's Length
WoodEx, KWP and Prairie are not dealing at arm's length with
Concurrent Financing and Conversion of Debt
In connection with the Transactions,
Each Unit consists of one common share of the Company and one full share purchase warrant. Each warrant will entitle the purchaser to purchase an additional common share at a price of
It is anticipated that Insiders, as that term is defined under the policies of the Exchange, will subscribe for Units in the financing.
The securities issued under the Offering will be subject to a four month hold period from the date of closing of the Offering.
In connection with a condition of the Offering, the Company intends to exchange up to
The Offering and the shares for debt exchange are subject to the approval of the Exchange.
Post-Transaction Share Capital
Upon completion of the Transactions and the Offering, the Company anticipates that it will have 39,684,192 common shares issued and outstanding.
There are no finder's fees payable in connection with the Transactions or the Offering.
In accordance with Exchange policies, the Company's common shares are currently halted from trading and will remain so until such time as the Exchange determines otherwise, which, depending on the policies of the Exchange, may not occur until the completion of the Transaction.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and President
For further information, please contact:
Tel: 1 604 862-5190
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