1201361 B.C. Ltd. completed the acquisition of Schooner Capital Corp. (TSXV:SCH.P) in a reverse merger transaction for CAD 0.67 million.
Upon completion of the transaction, it is expected that the management of the resulting issuer will consist of Marc G. Blythe as President and Chief Executive Officer, William A. Wengzynowski as Exploration Manager and Winnie Wong as Chief Financial Officer and Corporate Secretary. It is anticipated that the Board of Directors of the resulting issuer will consist of Marc G. Blythe, Mark T. Brown, Garrett Ainsworth, Neil Burns and Scott Trebilcock. All current directors and officers of Schooner Capital Corp. will resign at the closing of the transaction. Completion of the transaction is subject to a number of conditions including, but not limited to: completion of mutually satisfactory due diligence reviews; no material change occurring to the business of any of the parties, completion of the aforementioned director and management changes, majority of the minority shareholder approval, the transfer of all of the shares pursuant to the share purchase agreements shall have occurred, the satisfaction of obligations under the definitive agreement relating to each of the parties, the delivery by each of the parties of customary closing documents, delivery of a technical report, in compliance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects with respect to the Ponderosa Gold Property and as approved by the TSXV, execution of the definitive agreement and related transaction documents; receipt of requisite shareholder approvals; receipt of all requisite regulatory approvals, orders, notices and consents relating to the transaction, including, without limitation, the TSXV; completion of the concurrent financing and receipt of all required third party consents and approvals. 1201361 B.C and Schooner's Board has unanimously approved the transaction. The definitive agreement is expected to be negotiated between Schooner Capital Corp. and 1201361 B.C. Ltd. and entered into on or before November 14, 2020. The transaction is expected to close in the middle of fourth quarter of 2020. As of October 27, 2020, the transaction is expected to be completed on or before January 27, 2021. As of December 2, 2020, transaction is expected to close on or about December 15, 2020. Farzad Forooghian from Forooghian & Company Law Corporation served as a legal advisor for 1201361 B.C. Ltd. David Gunasekera from DuMoulin Black LLP served as a legal advisor for Schooner Capital Corp.