Business
Washmax Corp. Announces Proposed Reverse Takeover
TORONTO, March 5 /CNW/ - Washmax Corp. ("Washmax" or the "Corporation") is pleased to announce th...
About this update from Canadian Goldfields Discovery Corp
[{"type":"text","content":"\n\n\n\nTORONTO, March 5 /CNW/ - Washmax Corp. ("Washmax" or the "Corporation")\nis pleased to announce that it has entered into letter of intent effective\ntoday with Toronto based NewEdge Gold Corporation ("NEWEDGE"), a private\nCanadian corporation, to complete a Reverse Takeover ("RTO") of Washmax Corp.,\ncurrently listed on the NEX Exchange.\n\n\nThe common shares of Washmax (Washmax Corp. WMC.H) were halted as part of\nthe RTO transaction as per the policy specifications of the NEX exchange and\nin order to preserve the integrity of corporate valuations as RTO efforts\nprogress.\n\n\nThe aim of the proposed transaction is to deliver value to all Washmax\nshareholders through the exploration and development resources of NEWEDGE as\nwell as its seasoned Management and Geological team.\n\n\nDescription of Target Assets:\n\n(i) The Resulting Issuer will be classified under junior natural\n resource-mining upon the Completion Date.\n(ii) Washmax Corp. was previously involved in the retail coin Laundromat\n business and most of its ongoing business locations were disposed\n of during the last 3 years. Concurrent with the proposed\n transaction Washmax will divest itself of all existing Laundromat\n operations prior to the Completion Date.\n(iii) Financials: NEWEDGE Gold Corporation Financial History as at\n March 3, 2007(unaudited)\n\n\nNEWEDGE is a Gold Exploration and Development company and therefore has\nno source of revenue.\n\n\nTo date $720,000 CDN in equity financing has been invested in NEWEDGE\nGold Corporation or directly into the purchase of mineral assets in which\nNEWEDGE currently holds an ownership interest.\n\n\nNEWEDGE Gold Corporation has paid out $225,000 as per its schedule of\nproperty acquisition payments. Additionally, the company has paid over\n$150,000 in one-time expenses relating to those acquisitions including;\ngeological analysis relating to the creation of a NI-43-101, field office\nset-up and travel. Approximately $270,000 has been spent for general corporate\npurposes associated with the venture.\n\n\nNEWEDGE currently has a positive cash position of $75,000 and has no\ncorporate debt.\n\n\nDescription of the terms of the RTO\n\n\nPursuant to the terms of the Letter of Intent, Washmax will acquire\nNEWEDGE securities and assets in exchange for the issuance...