Fieldex enters reverse-takeover deal with Copeland Biosciences

Fokus Mining

28/05/2019 04:32

May 27 (Reuters) - Fieldex Exploration Inc  FLX.V  said on
Monday it will acquire Copeland Biosciences through a reverse
takeover of the Canadian mineral exploration firm by Copeland
and its shareholders, which will involve a three-cornered
amalgamation among Fieldex, 1209908 B.C. Ltd (Subco) and
Copeland.
    A reverse takeover (RTO) is a type of merger that private
companies engage in to become publicly traded without resorting
to an initial public offering (IPO). Initially, the private
company buys enough shares to control a publicly traded company.
    The proposed transaction will result in Copeland Biosciences
combining its corporate existence with Subco. The new entity
will be a wholly owned subsidiary of Fieldex, the Canadian
company said.  urn:newsml:reuters.com:*:nCNWJSYdqa
    Copeland Biosciences, a cannabis pharma company, will also
undertake private placement of subscription receipts at $0.30
for aggregate gross proceeds of a minimum $2 million and maximum
of $6 million, Fieldex added.
    Upon the deal closure, Fieldex will be listed on the
Canadian Securities Exchange and will be renamed Copeland
Biosciences Corp, the mineral exploration firm said.    

 (Reporting by Rishika Chatterjee in Bengaluru, Editing by
Sherry Jacob-Phillips)
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