ENP Newswire -
Release date- 01082014 -
The principal terms of the agreement are as follows:
Magellan will issue 4,602,030 common shares (the 'Shares') to the creditor at a deemed price of
The Shares will be subject to a four month hold period.
Various conditions have been agreed between Magellan and the creditor concerning any sale of the Shares by the creditor.
The agreement is subject to TSX-V approval.
President and CEO
This news release contains forward-looking statements. The use the words 'will', 'subject to' and similar expressions are intended to identify forward-looking statements. Such forward-looking statements should not be unduly relied upon. In particular, this document contains forward-looking statements and assumptions pertaining to the granting of regulatory approval. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
The forward-looking statements contained in the document are expressly qualified by this cautionary statement. These statements speak only as of the date of this document and Magellan does not undertake to update any forward-looking statements that are contained in this document, except in accordance with applicable securities laws.
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