Chudleigh Ventures Inc. Announces Closing of Its Qualifying Transaction and Concurrent Financing
22 April 2010 - 11:15PM
Marketwired
Chudleigh Ventures Inc. ("Chudleigh", or the "Company") (TSX
VENTURE: CLV.P), a Capital Pool Company, is pleased to announce
that it closed today its Qualifying Transaction ("QT") involving
the acquisition of all of the issued and outstanding securities of
Sweet Diabetic Delight Foods Inc., doing business as Xylitol Canada
("Xylitol Canada"). Pursuant to the QT and in exchange for
obtaining all of the issued and outstanding securities of Xylitol
Canada, Chudleigh issued 37,368,000 common shares and 340,000
incentive stock options (having an exercise price of $0.25 and
expiring on January 31, 2014) to Xylitol Canada securityholders.
The following individuals now serve on the Company's board of
directors: Andrew Reid, Tom Kierans, Dr. Pankaj Modi and Michael
Boyd. Roger Daher will also continue to serve as a director of the
Company. The board has appointed Mr. Reid to be President and Chief
Executive Officer, and Kyle Appleby to be Chief Financial
Officer.
Concurrently with the closing of the QT the Company completed a
private placement of 18,040,000 units, with Canaccord Financial
Ltd. acting as agent, for gross proceeds of $4,510,000. Each unit
was priced at $0.25 and consisted of one common share and one half
of one warrant, each whole warrant entitling the holder to acquire
one additional common share at an exercise price of $0.40 expiring
on April 22, 2012. The Company issued broker warrants to the agent
entitling the holder to acquire 1,804,000 units at an exercise
price of $0.25 per unit for a 24 month period, such units having
the same terms as described above. Proceeds from the offering will
be used to fund pilot plant expenditures to test the validity of
commercial scale production of xylitol using a process developed
under Xylitol Canada's joint venture with SunOpta BioProcess
Inc.
Xylitol Canada's goal is to become a North American-based, low
cost, high quality manufacturer of food and pharmaceutical-grade
xylitol from readily available environmentally-sustainable biomass.
Xylitol is an all natural sweetener, which contains 40% less
calories than sugar. Xylitol is found in many consumer retail
products, including gums, toothpaste and mints.
The Company anticipates receiving its Final Exchange Bulletin
from the TSX Venture Exchange in respect of the closing of the QT
within the next week, at which time its common shares will resume
trading under the symbol "XYL", and it will no longer be considered
a Capital Pool Company. The Company intends to change its name to
"Xylitol Canada Inc." after its next annual meeting of
shareholders.
Neither TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Chudleigh Ventures Inc. Andrew Reid President and CEO
(416) 567-2331 areid2@rogers.com
Canoe Mining Ventures Corp (TSXV:CLV.P)
Historical Stock Chart
Von Aug 2024 bis Sep 2024
Canoe Mining Ventures Corp (TSXV:CLV.P)
Historical Stock Chart
Von Sep 2023 bis Sep 2024