Business
Early Warning Report Filed Pursuant to Canada's National Instrument 62-103 Acquisition of Common Shares and Warrants of Fjordland Exploration Inc.
New York, New York--(Newsfile Corp. - September 6, 2017) - This news release is issued by Ivan...
About this update from Fjordland Exploration Inc.
[{"type":"text","content":"Early Warning Report Filed Pursuant to Canada's National Instrument 62-103 Acquisition of Common Shares and Warrants of Fjordland Exploration Inc.New York, New York--(Newsfile Corp. - September 6, 2017) - This news release is issued by Ivanhoe Industries, LLC (\"Ivanhoe Industries\"), pursuant to the early warning requirements of Canada's National Instrument 62-103 with respect to common shares and warrants to purchase common shares of Fjordland Exploration Inc. (\"Fjordland\"). On September 5, 2017, Ivanhoe Industries' affiliate, HPX BC Holdings Ltd., (\"HPX\") and Fjordland executed a subscription agreement (the \"Subscription Agreement\") under Fjordland's non-brokered private placement announced August 28, 2017. HPX will subscribe for 14 million units of Fjordland at C$0.10 per unit, with each unit consisting of one common share and one-half of one share purchase warrant. Each whole warrant will entitle HPX to purchase an additional Fjordland common share at a price of C$0.20 per common share for 18 months following the closing date of Fjordland's private placement, such date anticipated to be on or before October 20, 2017. HPX and Fjordland also entered into an investment agreement (the \"Investment Agreement\") whereby HPX would incur C$7.4 million of exploration expenditures and make cash payments of $290,000 (the \"Expenditures\") to Commander Resources Ltd. (\"Commander\"), on behalf of Fjordland, which Expenditures are required of Fjordland pursuant to a letter of intent between Commander and Fjordland providing for Fjordland's earn-in of a 100% interest in Commander's South Voisey's Bay mineral claims. Upon payment of the Expenditures, Fjordland would assign a 65% interest in the South Voisey's Bay mineral claims to HPX. The Investment Agreement and Subscription Agreement are conditional on HPX's final due-diligence review, to be completed on or before September 20, 2017, as well as obtaining Fjordland's shareholder approval and TSX Venture Exchange approval.Following the issuance of shares to HPX under the Subscription Agreement, Ivanhoe Industries will be deemed to beneficially own 21,000,000 Fjordland common shares (including 7,000,000 unissued common shares issuable upon the exercise of common share purchase warrants), representing 39.89% of Fjordland's then issued and outstanding common shares. All of these secur...