Business
Richmond Road Capital Corp. Announces Qualifying Transaction with Fredonia Management Ltd.
Calgary, Alberta--(Newsfile Corp. - January 11, 2021) - Richmond Road Capital Corp. (TSXV: RRD...
About this update from Fredonia Mining, Inc.
[{"type":"text","content":"Richmond Road Capital Corp. Announces Qualifying Transaction with Fredonia Management Ltd.Calgary, Alberta--(Newsfile Corp. - January 11, 2021) - Richmond Road Capital Corp. (TSXV: RRD.H) (\"RRCC\"), a capital pool company listed on the TSX Venture Exchange (the \"Exchange\"), and Fredonia Management Ltd. (\"Fredonia\"), a company incorporated under the laws of the British Virgin Islands with gold and silver exploration properties in the Deseado Massif, Santa Cruz, Argentina, are pleased to announce that they have signed an arm's length non-binding letter of intent dated October 29, 2020, as amended and restated on December 15, 2020 and January 11, 2021 (the \"Letter of Intent\") in respect of a proposed business combination (the \"Proposed Transaction\") that would result in the reverse takeover of RRCC by Fredonia. It is anticipated that the Proposed Transaction will constitute RRCC's \"Qualifying Transaction\" pursuant to Policy 2.4 of the Exchange. Following the completion of the Proposed Transaction, the resulting entity (the \"Resulting Issuer\") will hold all of the assets and continue the business of Fredonia.About FredoniaFredonia was incorporated under the laws of the British Virgin Islands and currently has 109,006,378 common shares (the \"Fredonia Shares\") issued and outstanding. Resource Capital Fund VI L.P. (the \"RCF Fund\") it is a \"control person\" of the Fredonia (as defined by Canadian securities laws) with 26,947,413 shares, equivalent to 24.72% of the total Fredonia Shares issued and outstanding. RCF Fund, a Cayman Islands exempted limited partnership is controlled by its general partner, Resource Capital Associates VI L.P., a Cayman Islands exempted limited partnership which in turn is controlled by its general partner, RCA VI GP Ltd., a Cayman Islands exempted company. Investment decisions are made by an appointed investment committee consisting of seven individuals and decisions are made by a simple majority. No individual has the power to bind the fund or veto the decisions of the investment committee. Fredonia, directly or indirectly, owns a 100% interest in certain license areas (totaling approximately 18,300 ha.) (collectively, the \"Project\"), all within the Deseado Massif geological region in the Province of Santa Cruz, Argentina, including the following principal areas: El Aguila, approx. 9,100h...