Business
Cortina Capital Corp. announces proposed Qualifying Transaction with Ecolomondo Corporation Inc.
(via TheNewswire) Montreal, QC / TheNewswire / January 20, 2017 - Cortina Capital Co...
About this update from Ecolomondo Corporation
[{"type":"text","content":"Cortina Capital Corp. announces proposed Qualifying Transaction with Ecolomondo Corporation Inc.(via TheNewswire)\n\n \nMontreal, QC / TheNewswire / January 20, 2017 - Cortina Capital Corp. (TMXV: CCN.P) (\"Cortina\" or the \"Company\") is announcing that on January 14, 2017 it has entered into a definitive binding letter of intent (the \"LOI\") with Ecolomondo Corporation Inc. (\"Ecolomondo\"), a private company incorporated under the Canada Business Corporation Act. According to such LOI, Cortina and Ecolomondo will complete a share purchase agreement whereby Cortina will acquire all of the issued and outstanding shares of Ecolomondo for a price of $21,746,031 by issuing to Ecolomondo's current shareholders, 155,328,790 Cortina common shares at a price of $0.14 per Cortina common share (the \"Transaction\"). This Transaction will constitute Cortina's Qualifying Transaction (the \"Qualifying Transaction\"), as per Policy 2.4 of the TMX Venture Exchange (the \"Exchange\" or \"TMX\").\n\n \n \nAbout the Transaction\n\n \n \nPursuant to the terms of the binding LOI and subject to execution of a definitive share purchase agreement (the \"Share Purchase Agreement\") as well as the receipt of applicable regulatory and Exchange approvals, Cortina will complete a reverse take-over or similar type transaction and will issue to Ecolomondo's current shareholders, 155,328,790 common shares from its share capital (the \"Cortina Shares\"), the whole, taking into account a conversion ratio of 5.5 Cortina common shares for each Ecolomondo common shares. \n\n \n \nThere are currently 13,810,000 common shares of Cortina issued and outstanding along with 1,381,000 stock options which entitle each holder (comprised of the officers and directors of Cortina) to acquire an aggregate of 1,381,000 common shares of Cortina at a price of $0.10 per common share and 160,000 broker warrants, which entitle the holder, the Company's agent during its Initial Public Offering (Haywood Securities), to acquire an aggregate of 160,000 common shares at a price of $0.10 per common share at any time up to May 17, 2018. \n\n \n \nCurrent shareholders of Cortina will hold approximately 8,16% of the resulting issuer's common shares issued and outstanding before giving effect to the Financing described below.\n\n \n \nMr. Eliot Sorrella, a Laval (Quebec) resident, current...