Business
Benz Announces Proposed Acquisition of Fox Automotive Switzerland AG
Vancouver, British Columbia--(Newsfile Corp. - September 26, 2018) - Benz Mining Corp. (TSXV...
About this update from Benz Mining Corp.
[{"type":"text","content":"Benz Announces Proposed Acquisition of Fox Automotive Switzerland AGVancouver, British Columbia--(Newsfile Corp. - September 26, 2018) - Benz Mining Corp. (TSXV: BZ) (FSE: 1VU) (OTCQB: BENZF) (the \"Company\" or \"Benz\") is pleased to announce that it has entered into an arms-length binding letter of intent (the \"Letter of Intent\") dated September 26, 2018, with Fox Automotive Switzerland AG (\"Fox\"), a privately held company existing under the laws of Switzerland, pursuant to which the Company proposes to acquire all of the issued and outstanding share capital of Fox. The acquisition of Fox will constitute a reverse takeover (the \"Transaction\") of Benz pursuant to the policies of the TSX Venture Exchange (the \"Exchange\"). CM-Equity AG a fully licensed and regulated financial service boutique from Munich, Germany acts as Global Coordinator to the Transaction. Fox AcquisitionPrior to completion of the Transaction, all outstanding shares of Benz will be consolidated on the basis of 1 new share for every 9.4 existing shares (the \"Consolidation\"). In consideration for the acquisition of Fox, Benz has agreed to issue 300 Benz (post-consolidation) shares for every 1 Fox share, representing an aggregate of 45,000,000 post-consolidation Benz shares issuable in connection with the Transaction (including post-consolidation Benz shares reserved for issuance to current holders of options or warrants of Fox). The completion of the Transaction is subject to a number of conditions, including but not limited to: (i) the Consolidation of all of the Company's outstanding common shares; (ii) the Company and Fox negotiating a definitive agreement in respect of the Transaction; (iii) the Company securing necessary financing provided that such financing satisfies the listing requirements of the Exchange; (vi) the approval of shareholders of the Company; and (vii) the approval of the Exchange. Proposed FinancingIn connection with completion of the Transaction, and subject to the approval of the Exchange, the Company intends to secure financing of not less than CAD$5,000,000 at a price of CAD$4.00 per post‑consolidation Benz share (the \"Financing\"). Additional details regarding the terms of the Financing will be provided once available.Board and Management ChangesFollowing completion ...