Business
Arcland Announces Signing of Letter of Intent for a Business Combination with SW Tech Corporation and the Ord Mountain Project
Vancouver, British Columbia--(Newsfile Corp. - November 26, 2020) -  Arcland Resources In...
About this update from Arcland Resource Inc
[{"type":"text","content":"Arcland Announces Signing of Letter of Intent for a Business Combination with SW Tech Corporation and the Ord Mountain ProjectVancouver, British Columbia--(Newsfile Corp. - November 26, 2020) -  Arcland Resources Inc. (TSXV: ADR.H) (the \"Company\" or \"Arcland\") is pleased to announce that it has entered into a non-binding letter of intent (the \"Letter of Intent\") dated November 25, 2020 for a proposed business combination (the \"Transaction\") between Arcland and SW Tech Corporation (the \"Target\"), an arm's length corporation existing under the laws of California, which owns a gold and copper property located in California (the \"Ord Mountain Project\") consisting of 284 mineral claims and 165.36 acres of patented land. The Transaction will constitute a \"reverse takeover\" under the policies of the TSX Venture Exchange (the \"TSXV\") and the corporation resulting from the Transaction (the \"Resulting Issuer\") will carry on the business of the Target as currently constituted and its common shares will be listed and posted for trading on the TSXV as a Tier 1 or Tier 2 mining issuer under the name \"Ord Mountain Mining Corp.\", or such other name as directed by the Target (the \"Name Change\").Pursuant to the terms of the Letter of Intent, it is anticipated that the Transaction will be an arm's length transaction completed by way of an acquisition, merger, amalgamation, plan of arrangement, reorganization, sale of all or substantially all of the assets, or exchange of assets or securities or a similar transaction structure, which will result in the Target becoming a wholly-owned subsidiary of Arcland. The final structure of the business combination is subject to receipt by the parties of tax, corporate, and securities law advice and will be agreed to and superseded by a definitive agreement (the \"Definitive Agreement\") between Arcland and the Target with such agreement to include representations, warranties, conditions and covenants typical for a transaction of this nature. There will be no finder's fees paid in connection with the Transaction other than commissions which may be paid in connection with the Private Placement (as defined below).The Letter of Intent serves as an agreement in principle concerning a business combination between Arcland and the Target that will result in a reverse takeover of Arcland. Und...