Brief: East West Petroleum Announces Corporate Restructuring And LOI To Acquire Juva Life

East West Minerals

17/07/2018 21:56

July 17 (Reuters) - East West Petroleum Corp  EW.V :
    * EAST WEST PETROLEUM ANNOUNCES CORPORATE RESTRUCTURING AND
LOI TO
ACQUIRE JUVA LIFE INC.
    * EAST WEST PETROLEUM CORP - FIRST STEP IN RESTRUCTURING IS
SPIN-OUT OF OIL & GAS ASSETS, WITH CORRESPONDING CASH FLOW AND
ALL OTHER ASSETS TO CO'S UNIT
    * EAST WEST PETROLEUM  - CO WILL THEN SPIN OUT SHARES OF NEW
SUBSIDIARY NEWCO TO ITS SHAREHOLDERS PURSUANT TO PLAN OF
ARRANGEMENT
    * EAST WEST PETROLEUM CORP - AS PART OF PLAN OF ARRANGEMENT
COMPANY WILL MOVE FORWARD TO COMPLETE ACQUISITION OF JUVA
    * EAST WEST PETROLEUM CORP - CO WILL HAVE NOT LESS THAN $4
MILLION
CAD CASH ON HAND TO PROVIDE INITIAL FINANCING TO JUVA
    * EAST WEST PETROLEUM - EAST WEST WILL APPLY TO VOLUNTARILY
DELIST
FROM TSXV AND APPLY FOR A LISTING ON CANADIAN SECURITIES
EXCHANGE (CSE)
    * EAST WEST PETROLEUM CORP - EAST WEST TO ACQUIRE FROM
SHAREHOLDERS OF JUVA ALL OF SHARES OF JUVA WHICH ARE ISSUED &
OUTSTANDING AS OF CLOSING
    * EAST WEST PETROLEUM CORP - IN ADDITION, DOUG CHLOUPEK
FOUNDER &
CEO OF JUVA LIFE WILL JOIN BOARD OF RESULTING ISSUER

Source text for Eikon:  ID:nCNWqQdFXa 
Further company coverage:  EW.V 

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