Braveheart Completes Implementation of Plan of Arrangement

About this update from Canadian Critical Minerals Inc

[{"type":"text","content":"Braveheart Completes Implementation of Plan of ArrangementCalgary, Alberta--(Newsfile Corp. - May 8, 2019) - Braveheart Resources Inc. (TSXV: BHT) (\"Braveheart\" or, the \"Company\") is pleased to announce that it has completed implementation of the previously announced acquisition of Purcell Basin Minerals Inc. (\"Purcell\") pursuant to a Plan of Arrangement (\"Plan\") and made pursuant to the Companies' Creditors Arrangement Act (\"CCAA\").Under the Plan, Braveheart made an offer to existing shareholders of Purcell that, if accepted, would allow them to acquire new shares of Braveheart. Purcell shareholders were given an offer to acquire up to 16.5 million units (\"Units\") of Braveheart. Each Unit is comprised of one common share of Braveheart and one warrant, with each warrant entitling the holder to purchase a Braveheart common share at a price of $0.15 per share for a period of 12 months. Each Purcell shareholder, regardless of how many Purcell shares were held by the shareholder, had to make a flat cash payment of $1,000 for all the Units purchased. Purcell shareholders were given a period of 90 days from completion of the acquisition on January 18, 2019 to exercise their option to acquire Braveheart shares. The option period has closed and 15,994,880 shares will be issued to 118 former shareholders of Purcell who elected to exercise the option.Ian Berzins, CEO, Braveheart commented, \"I am pleased to see that this final component of the Plan is complete. I welcome our new shareholders many of whom are intimately familiar with the physical assets at the Bull River Mine and have visited the mine on multiple occasions. The addition of these new shareholders significantly increases our retail shareholder base.\"The Company has initiated the process of amending the current Mine Permit to allow for increased mine throughput, onsite milling and permission to dispose of tailings. The Company is planning to utilize dry stack tailings deposition. This is one of the best available technologies for tailings disposal as it eliminates the need for pond and dam impoundment structures. Concurrent with the permit application the Company is sourcing several capital items to allow the mill to go back into operation including a surface transformer and flotation cells for the mill. Additionally, the Company has applied for a Multi Year Acce...

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