Business
Escudo Capital Corporation Enters into Arrangement Agreement, Revises Financing
(via Thenewswire.ca) Vancouver, British Columbia - January 14, 2013 - Escudo Capital Corpor...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"\nEscudo Capital Corporation Enters into Arrangement Agreement, Revises Financing\n\n(via Thenewswire.ca)\n\n \nVancouver, British Columbia - January 14, 2013 - Escudo Capital Corporation (\"Escudo\"), a capital pool company listed on the TSX Venture Exchange, is pleased to announce that, further to its news release dated October 4, 2012 announcing the signing of a letter agreement with Aston Bay Ventures Ltd. (\"Aston Bay\"), it has entered into an arrangement agreement (the \"Arrangement Agreement\") dated January 11, 2013 with Aston Bay to effect its previously announced acquisition of all of the issued and outstanding common shares of Aston Bay (the \"Acquisition\").\n\n\n \nPursuant to the terms of the Arrangement Agreement, each of the issued and outstanding common shares of Aston Bay will be transferred to Escudo in exchange for one common share of Escudo. As a result of the Acquisition, Aston Bay will become a wholly-owned subsidiary of Escudo. \n\n\n \nThe Acquisition, if completed, will represent a \"qualifying transaction\" in accordance with TSX Venture Exchange policies. The Acquisition is an arm's length transaction, and as such, will not be subject to Escudo receiving shareholder approval. Upon completion of the transaction, Escudo will be listed as a Tier 2 Mining Issuer pursuant to the initial listing requirements of the Exchange.\n\n\n \nPrivate Placement \n\n\n \nEscudo also announces that it has amended the terms of the non-brokered private placement intended to close concurrently with the Acquisition, as previously announced in its news release dated October 4, 2012. The private placement will now consist of a minimum of 2,000,000 and a maximum of 5,000,000 flow-through common shares of Escudo at a price of $0.25 per flow-through common share and a minimum of 1,000,000 and a maximum of 3,000,000 non-flow-through common shares of Escudo at a price of $0.20 per non-flow-through common share for aggregate proceeds of a minimum of $700,000 and a maximum of $1,850,000. Shares acquired by the placees will be subject to a hold period of four months plus one day from the date of completion of the financing in accordance with applicable securities legislation. Finder's fees in amounts yet to be determined may be paid to persons who introduce Escudo to investors. Funds raised by this private placement will be used for...