Business
East West Petroleum Announces Corporate Restructuring and LOI to Acquire Juva Life Inc.
East West Petroleum Announces Corporate Restructuring and LOI to Acquire Juva Life Inc. ...
About this update from East West Minerals Ltd.
[{"type":"text","content":"\n\n\n\nEast West Petroleum Announces Corporate Restructuring and LOI to Acquire Juva Life Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, July 17, 2018\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/\n\n–Canadian Pubco Targets California Medicinal & Recreational Cannabis Project\n\n\n\nVANCOUVER, July 17, 2018 /CNW/ - East West Petroleum Corp. (TSX-V: EW) (\"East West\" or the \"Company\") is pleased to announce that it has agreed to implement a restructuring and as part of this the signing of a Letter of Intent (LOI) dated July 16th 2018 to acquire all of the issued and outstanding common shares in the capital of Juva Life Inc. (\"Juva\"), a California -based cannabis company. The transaction is at arm's.\n\nEast West currently operates as an oil & gas exploration and development corporation. The first step in the restructuring is the spin-out of oil & gas assets, with corresponding cash flow and all other assets to a new wholly-owned subsidiary of East West. The Company will then spin out the shares of this new subsidiary (\"Newco\") to its shareholders pursuant to a plan of arrangement (\"Plan of Arrangement\"). Following the Plan of Arrangement, Newco will be owned by the current shareholders of the Company and will carry on the oil and gas business of the Company. As part of the Plan of Arrangement the Company will move forward to complete the acquisition of Juva. The company's capital structure will be amended to allow the plan of arrangement to be completed such that the company's outstanding shares will be consolidated on a 10:1 ration and the Company will have not less than $4,000,000CAD cash on hand to provide initial financing to Juva. Upon execution of the LOI, it is currently intended that Juva shall complete private placements consisting of 22,000,000 units of Juva at a price of $0.35 per un...