The Company will identify and appoint a Chief Financial Officer prior to listing.
Lionel Winter, P. Geo., a "Qualified Person", within the meaning of National Instrument 43-101 - Standards of disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Winter is considered to be "independent" of the Company (as defined in National Instrument 43-101), as he currently does not hold any securities of the Company.
The Company will, if necessary, engage a sponsor in connection with the Transaction. If an agreement to act as sponsor is entered into it should not be construed as any assurance with respect to the merits of the Transaction or the likelihood of completion.
About the Company
The Company is a capital pool company listed on the TSXV. Since its incorporation, other than completing its initial public offering under the CPC Policy in August 2011 and the transactions in relation thereto, the Company has not commenced commercial operations and currently has no assets other than cash, currently in the amount of approximately $357,168.
Trading in the Company's common shares was halted on June 20, 2013, in accordance with the policies of the TSXV and is expected to remain halted until after the TSXV accepts and confirms the completion of the Qualifying Transaction or the proposed Transaction has been terminated in accordance with the CPC Policy.
Completion of the Transaction is subject to a number of conditions, including but not limited to, completion of the Offering, entering into a definitive option agreement, and TSXV acceptance. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the 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 Transaction and neither the TSXV nor its Regulatory Service Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
Shares Outstanding: 9,470,000
Sparcap One Ltd.
Sparcap One Ltd.
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