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Canoe Mining Ventures Corp. Announces Completion of Qualifying Transaction and Commencement of Trading on TSX Venture Exchange
OAKVILLE, ON , Dec. 6, 2013 /CNW/ - Canoe Mining Ventures Corp. (formerly the TSX Ventur...
About this update from Canoe Mining Ventures Corp.
[{"type":"text","content":"\n\n\nOAKVILLE, ON, Dec. 6, 2013 /CNW/ - Canoe Mining Ventures Corp. (formerly\n the TSX Venture Exchange capital pool company C Level III Inc.) (TSXV:\n CLV) (the \"Corporation\" or \"Canoe Mining\") is pleased to announce that 2299895 Ontario Inc. (\"OntarioCo\") has completed the reverse take-over of C Level III Inc. (\"C Level\") for the purposes of C Level's qualifying transaction (the \"Qualifying Transaction\") and has changed its name to Canoe Mining Ventures Corp.\n\n\nAs of December 9, 2013, the shares of Canoe Mining will commence trading\n on the TSX Venture Exchange (the \"TSXV\") under the symbol \"CLV\".\n\n\nThe Qualifying Transaction was carried out by means of securities\n exchange agreements between C Level, Giyani Gold Corp. (the majority\n shareholder of OntarioCo) (\"Giyani Gold\"), and two minority OntarioCo shareholders (collectively, the \"Securities Exchange Agreements\"), pursuant to which C Level acquired all of the issued and outstanding\n common shares of OntarioCo in exchange for the issuance of 20,000,000\n common shares in the share capital of the Resulting Issuer, Canoe\n Mining.\n\n\nAs a result of the Securities Exchange Agreements and the Offering\n described below, the Corporation will have 33,602,108 Common Shares\n (the \"Canoe Shares\"), 483,392 options to acquire Common Shares, and 7,698,308 share\n purchase warrants to acquire Common Shares (the \"Canoe Warrants\") outstanding. 22,650,000 Canoe Shares will be subject to Tier 2 Value\n Escrow pursuant to the policies of the TSXV.\n\n\nIn connection with the Qualifying Transaction, C Level III Inc. (\"C Level\") and OntarioCo each carried out respective private placements on\n November 21, 2013 for combined aggregate gross proceeds of $1,416,665\n (the \"Offering\"). The Offering consisted of 2,540,000 flow-through units of C Level\n issued on a subscription receipt basis (the \"FT Subscription Receipts\") at a price of $0.20 per FT Subscription Receipt and 865,395 units of\n OntarioCo issued on a subscription receipt basis (the \"OntarioCo Subscription Receipts\") at a price of $1.05 per OntarioCo Subscription Receipt.\n\n\nPursuant to the terms of the Offering, each FT Subscription Receipt\n automatically converted into one (1) Canoe Share issued on a\n flow-through basis (a \"Canoe FT Share\") and one-half (½) flow-through Canoe W...