Business
Flagship to acquire Colombia Timber assets with acquisition of REM Forest Products Inc.
Flagship to acquire Colombia Timber assets with acquisition of REM Forest Products Inc.
About this update from Bravern Ventures Ltd.
[{"type":"text","content":"\n\n\n\n Jul. 8, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE./\n\nTSX VENTURE EXCHANGE: TSX-V: FII\n\n Flagship Industries Inc., (FII: TSX-V) ("Flagship") is pleased to announce that it has entered into a non-binding letter of intent with REM Forest Products Inc. ("REM Forest") effective July 7, 2010, relating to a reverse takeover transaction (the "REM Forest Transaction"), pursuant to which Flagship proposes to acquire all of the issued and outstanding securities of REM Forest in exchange for the issuance of securities of Flagship.\nTrading in the shares of Flagship has been halted in accordance with the policies of the TSX Venture Exchange (the "TSXV") and will remain halted until such time as all required documentation has been filed with and accepted by the TSXV and permission to resume trading has been obtained from the TSXV.\n\n\n >\n\nThe REM Forest Transaction is expected to be effected by way of share purchase agreement where the holders of all of the issued and outstanding securities of REM Forest will receive securities in Flagship. REM Forest will become a wholly-owned subsidiary of Flagship, which will change its name to reflect its new business (the "Resulting Issuer"). Under the terms of the REM Forest Transaction:\n\n\n >\n\n\nUpon completion of the REM Forest Transaction, the Resulting Issuer will carry on the business of timber development, production and marketing in Colombia.\nFlagship will be required to obtain the approval of its shareholders and the TSX Venture Exchange (the "Exchange") to give effect to the REM Forest Transaction.\nThe REM Forest Transaction is an arm's length transaction.\n\n\n >\n\nIn connection with or prior to the Closing, Fla...