P2P Update on Change of Business
02 September 2009 - 8:05PM
Marketwired
P2P Health Systems Inc. (the "Company") (NEX: PTP.H) announces that
it has set its special meeting of shareholders for October 19, 2009
(the "Meeting") to consider its change of business into the mining
sector, consolidation and name change, all as more particularly
described in its June 3, 2009 press release. The Company
anticipates mailing Meeting materials on or before September 22,
2009.
The Company is continuing to finalize definitive documentation
with Salares Atacama SCM ("SALA") and its shareholders in
connection with the Company's option to acquire up to a 70%
interest in the outstanding share capital of SALA and indirectly
the seven salares (brine lakes) known as Piedra Parada, Grande,
Aguilar, Agua Amarga, La Isla, Las Parinas and Maricunga in Chile's
Region III, 100% owned by SALA (the "Concessions"). The Company
anticipates filing on SEDAR a National Instrument compliant
technical report regarding the Concessions shortly, thus satisfying
one of the requirements to earn its initial 50% interest in SALA.
The transaction will result in the Company's reactivation and
graduation from the NEX Board to the TSX Venture Exchange. The
change of business remains subject to regulatory approval and
approval by the Company's shareholders at the Meeting.
In order to meet the Company's short-term working capital
requirements regarding transactional costs associated with the
change of business, the Company has negotiated, subject to
regulatory approval, an unsecured non-convertible loan with an
arm's length party in the aggregate amount of up to $150,000 (the
"Loan"). The Loan will bear interest at the rate of 2.5% per annum
and will be repayable upon demand by the lender. The Loan will be
repaid utilizing proceeds from the private placement announced on
June 3 and September 1, 2009, respectively, once such funds are
released from escrow.
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: P2P Health Systems Inc. Todd Hilditch President and
CEO (604) 443-3831
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