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Rider Investment Capital Corp. Announces Purchase of Mann Mine from Power Ore
Calgary, Alberta--(Newsfile Corp. - February 25, 2020) - Rider Investment Capital Corporation&...
About this update from Geiger Energy Corporation
[{"type":"text","content":"Rider Investment Capital Corp. Announces Purchase of Mann Mine from Power OreCalgary, Alberta--(Newsfile Corp. - February 25, 2020) - Rider Investment Capital Corporation (TSXV: RDR.P) (\"Rider\" or the \"Company\") is pleased to announce that it has entered into a Letter of Intent dated February 11, 2020 (the \"Agreement\") to purchase the Mann Silver-Cobalt Mine from PowerOre Inc. (\"Power Ore\") (TSXV: PORE), a copper-focused exploration company listed on the TSX Venture Exchange. The Transaction is subject to approval of the TSX Venture Exchange and the entering into of a definitive agreement.Rider has agreed to issue 17,857,143 shares at $0.07 per share for aggregate consideration of $1,250,000 to Power Ore in exchange for a 100% interest in the Mann Mine. The sale is a part of the Company's Qualifying Transaction requirement for full listing on the TSX Venture Exchange. The proposed Qualifying Transaction is an Arm's Length Qualifying Transaction and is not subject to shareholder approval, however an annual general and special meeting of shareholders will be convened concurrent with approval of the Qualifying Transaction by the TSX Venture Exchange to approve certain corporate changes that are part of the Agreement, including, inter alia, a name change of the Corporation. Concurrent with the Qualifying Transaction, Rider will complete a non-brokered financing, of a minimum of $700,000 at 10 cents, issuing an aggregate of a minimum of 7,000,000 shares. Proceeds of the financing will go towards a work program on the Mann Mine as well as for general working capital.Subsequent to the closing of the deal, Rider's Board of Directors will be reconstituted and will comprise of the following individuals:Alexander Stewart: Alex has over 40 years of experience in the practice of corporate and securities law and natural resource investments. He has been a director of numerous public companies on various exchanges including Nasdaq, AMEX, TSX and TSXV. For the last fifteen years he has focused exclusively on the mining and metals sector and has been instrumental in sourcing, funding and developing high-quality mineral assets in North and South America. In the past he was the founder, seed financier and principal behind a number of mining projects including the Cote Lake Project, acquired by IAMGOLD in 2012 for over $580m and the Ea...