Brief: Pan Andean Minerals Announces Proposed Reverse Takeover By North Star Holdings

NEO Battery Materials

21/03/2019 17:52

March 21 (Reuters) - Pan Andean Minerals Ltd  PAD.V :
    * PAN ANDEAN MINERALS LTD. ANNOUNCES PROPOSED REVERSE TAKEOVER BY NORTH STAR
HOLDINGS
    * ENTERED INTO AN ARM'S LENGTH BINDING LETTER OF INTENT DATED AS OF MARCH
11, 2019
( "LOI") WITH NORTH STAR HOLDINGS
    * LOI OUTLINES PROPOSED TERMS AND CONDITIONS PURSUANT TO WHICH PAN ANDEAN
AND
NORTH STAR WILL EFFECT A BUSINESS COMBINATION
    * BUSINESS COMBINATION WILL RESULT IN A REVERSE TAKEOVER OF COMPANY BY
SECURITYHOLDERS OF NORTH STAR
    * PAN ANDEAN MINERALS - CURRENT SHAREHOLDERS OF CO WILL HOLD 5.8% OF COMMON
SHARES
OF RESULTING ISSUER
    * PAN ANDEAN MINERALS - CURRENT SHAREHOLDERS OF NORTH STAR WILL HOLD 83.7%
OF
RESULTING ISSUER SHARES
    * PAN ANDEAN MINERALS- UPON COMPLETION OF DEAL, BOARD OF PAN ANDEAN WILL BE
COMPRISED OF FOUR NOMINEES OF NORTH STAR, AND ONE NOMINEE OF PAN ANDEAN
    * PAN ANDEAN MINERALS - INTENDS TO COMPLETE PRIVATE PLACEMENT OF
SUBSCRIPTION
RECEIPTS ACCREDITED INVESTORS FOR GROSS PROCEEDS OF UP TO CAD$20,000,000

Source text for Eikon:  ID:nEQbVzP0Xa 
Further company coverage:  PAD.V 

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