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TSX-V Conditional Approval
The Company has received conditional approval of the Transaction from the TSX-V. The TSX-V’s final acceptance of the Transaction will be conditional upon the Company’s completion of all remaining filing requirements pursuant to TSX-V Policy 5.2. CROPS continues to work with Superior Lake to satisfy other conditions precedent to completion of the Transaction, including seeking requisite CROPS shareholder approval, and completion of CROPS’ concurrent financing of subscription receipts.
Update on CROPS’ Concurrent Financing
The Company’s previously announced concurrent financing (the “Concurrent Financing”) of subscription receipts (the “Subscription Receipts”) has been increased to 33,000,000 Subscription Receipts at
The Subscription Receipts will be issued pursuant to the terms of a subscription agreement (each, a “Subscription Agreement”) between CROPS and each prospective subscriber. The gross proceeds of the Offering (the “Escrowed Proceeds”) will be held in escrow on behalf of the subscribers by CROPS. The Escrowed Proceeds will be released to CROPS from escrow upon the satisfaction of certain escrow conditions (the “Escrow Release Conditions”) provided in the Subscription Agreements. As per the terms of the Subscription Agreements and conditional on the satisfaction of the Escrow Release Conditions, each Subscription Receipt will be automatically converted into one post-consolidated common share in the capital of the Company immediately prior to closing of the Transaction.
Change in Proposed Management
Due to other business obligations,
Kerem Usenmez isis a Geological Engineer and a mining entrepreneur. He has more than 20 years of technical, business and management experience in geology, rock mechanics, drilling, mining and consulting. He holds a Masters in Engineering Geology & Geotechnical Studies, a Bachelors in Geological Engineering from
Amended & Restated Technical Report
On
Trading in the Company’s common shares continues to be halted and is expected to remain halted until completion of the Transaction.
A copy of the share sale agreement between the Company, Superior Lake and its subsidiary has been filed on CROPS’ SEDAR profile and is available onwww.sedar.com.
About CROPS
CROPS is a TSXV-listed mineral exploration company led by an experienced management team with a track-record of building value in resource companies. For further information, please visit our web sitewww.crop2o5.com.
ON BEHALF OF THE BOARD
Symbol: TSXV-COPS
For further information, contact:
Tel: 604-688-5288; Fax: 604-682-1514
Email:info@crop2o5.com
Website:www.crop2o5.com
Neither the TSXV nor the
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information contained in this news release constitute “forward-looking statements” within the meaning of applicable
Forward-looking statements in this news release include, but are not limited to: the ability of the Company to complete the Transaction and the Concurrent Financing, the terms of the Concurrent Financing and the Subscription Agreements, prospective changes to the Company’s management team and trading in the Company’s common shares.All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Transactions.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Such uncertainties and factors relate to, among other things, the Transaction, the Project and the Company assuming the Transaction and Concurrent Financing will be completed; changes in general economic conditions and financial markets; unanticipated costs and expenses; the Company may be unsuccessful in attracting and retaining key personnel; the Company may be subject to litigation; risks relating to widespread epidemics or pandemic outbreak and such other risks detailed from time to time in the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the applicable stock exchange and shareholder approvals to the Transaction will be obtained; that the Transaction and concurrent financing will be completed as planned; that there will be no material adverse change affecting the Company or its properties; the ability of the Company to continue to operate during the COVID-19 pandemic; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
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Copyright (c) 2021 TheNewswire - All rights reserved., source