Nanotech Sciences Corp. Announces Qualifying Transaction
11 Mai 2009 - 11:34PM
Marketwired
Nanotech Sciences Corp. ("Nanotech") (TSX VENTURE: NAN.P) is
pleased to announce that it entered into an agreement with
Courtland Capital Corp. ("Courtland") on May 8, 2009 (the
"Agreement"), in respect of a proposed "qualifying transaction" for
the purposes of the policies of the TSX Venture Exchange (the
"Exchange").
Under the Agreement it is proposed that Nanotech, a capital pool
company listed on the Exchange, will subscribe for a minimum of
3,000,000 units (the "Units") of Courtland at a price of $0.10 per
Unit or $300,000 in the aggregate (the "Proposed Transaction").
Each Unit shall consist of one common share in the capital of
Courtland (a "Common Share") and three quarters (3/4) of one common
share purchase warrant (each whole warrant a "Warrant") of
Courtland. Each Warrant shall entitle the holder to acquire one
additional Common Share at an exercise price of $0.20 per Common
Share, at any time on or before the close of business on the date
that is two years from the closing date of the Proposed
Transaction.
Nanotech has also agreed, under the terms of the Agreement, to
advance $25,000 (the "Advance") to Courtland to cover transactional
expenses pending completion of the Proposed Transaction. The
Advance is repayable under certain circumstances if the Proposed
Transaction is not completed.
Following closing of the Proposed Transaction, Nanotech intends
to delist from the Exchange, commence winding up proceedings, and
distribute the Units to its shareholders on a pro rata basis. Units
of Courtland distributed to current holders of escrowed shares of
Nanotech will be subject to the same escrow provisions as their
current shares of Nanotech.
Courtland is a capital pool company listed on the Exchange and
is in the process of completing its own qualifying transaction with
ForceLogix Inc. ("ForceLogix"). For more information with respect
to Courtland and its qualifying transaction with ForceLogix, please
review the Filing Statement dated August 29, 2008 and related press
releases posted on the System for Electronic Data Analysis and
Retrieval (SEDAR) at www.sedar.com.
ForceLogix is a privately held corporation existing under the
laws of Nevada with its corporate offices located in Libertyville,
Illinois. ForceLogix develops and commercializes technologies in
the field of sales performance management and process optimization.
ForceLogix provides software-as-a-service as well as technical and
consulting services to clients to address sale performance
management matters in a range of industries; specifically focusing
on life sciences/pharmaceutical, high technology and financial
services.
ForceLogix has developed several new technologies which it
believes will change the nature of sales effectiveness and sales
performance management. By combining objective system driven data
with subjective, field observation data, ForceLogix has devised a
proprietary measurement and evaluation application. ForceLogix has
started implementation of its combined technologies and measurement
and evaluation application for its first customers. For more
information with respect to ForceLogix, please visit its website at
www.forcelogix.com.
Courtland is expected to file an amended filing statement on
SEDAR, updating information on its qualifying transaction with
ForceLogix. Nanotech's shares have been halted from trading on the
Exchange and will not resume trading until such time as Courtland
files an amended filing statement on SEDAR.
Completion of the transaction is subject to a number of
conditions, including but not limited to, Exchange acceptance and
if applicable pursuant to Exchange requirements, majority of the
minority shareholder approval. Where applicable, the transaction
cannot close until the required shareholder approval is obtained.
There can be no assurance that the transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the transaction, any information released or
received with respect to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative.
This news release may contain forward-looking statements that
are based on Nanotech's expectations, estimates and projections
regarding its business and the economic environment in which it
operates. These statements are not guarantees of future performance
and involve risks and uncertainties that are difficult to control
or predict. Therefore, actual outcomes and results may differ
materially from those expressed in these forward-looking statements
and readers should not place undue reliance on such statements.
Statements speak only as of the date on which they are made, and
Nanotech undertakes no obligation to update them publicly to
reflect new information or the occurrence of future events or
circumstances.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release. Neither the TSX
Venture Exchange 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: Nanotech Sciences Corp. Scott Walters President &
Chief Executive Officer (416) 369-0456
Nanotech Sciences Corp (TSXV:NAN.P)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Nanotech Sciences Corp (TSXV:NAN.P)
Historical Stock Chart
Von Jul 2023 bis Jul 2024