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Gold Springs Resource's Affiliate World Copper Ltd. to Commence Trading on the TSX Venture Exchange. Closes Qualifying Transaction.
VANCOUVER, BC / ACCESSWIRE / January 18, 2021 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:...
About this update from Gold Springs Resource Corp.
[{"type":"text","content":"Gold Springs Resource’s Affiliate World Copper Ltd. to Commence Trading on the TSX Venture Exchange. Closes Qualifying Transaction.VANCOUVER, BC / ACCESSWIRE / January 18, 2021 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (\"Gold Springs\" or the \"Company\") makes the following announcement in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Instrument 62-104 Take-Over Bids and Issuer Bids.The Company is pleased to announced that on January 15, 2021, Gold Springs' wholly-owned subsidiary, Escalones Resource Corp., (\"ERC\"), received 39,675,594 common shares (the \"Acquired Shares\") of World Copper Ltd. (formerly Allante Resources Ltd.) (the \"Issuer\"), representing 30% of the issued and outstanding common shares of the Issuer, pursuant to the Issuer's qualifying transaction (the \"Qualifying Transaction\") completed under the policies of the TSX Venture Exchange (the \"TSXV\"). Neither Gold Springs nor ERC held any common shares of the Issuer prior to the completion of the Qualifying Transaction. The Issuer issued the Acquired Shares to ERC at a deemed price of $0.20 per share pursuant to a share exchange agreement made as of February 28, 2020 among the Issuer, 1188893 B.C. Ltd. (\"PrivateCo\") and the shareholders of PrivateCo (which included ERC).In addition, under the terms of the Qualifying Transaction:(a) the Issuer issued ERC a special warrant (the \"Special Warrant\"), which Special Warrant shall be deemed to be exercised for no additional consideration into up to 24,446,702 common shares of the Issuer (the \"Special Warrant Shares\") upon the exercise of 57,042,303 share purchase warrants (the \"Issuer Warrants\") of the Issuer which are currently issued and outstanding. The Special Warrant was issued to ERC as an anti-dilution right to enable ERC to maintain its percentage shareholding interest in the Issuer if holders of the Issuer Warrants exercise them.(b) in addition to the Special Warrants, the Issuer granted ERC a participation right to participate in future equity financings of the Issuer to allow Gold Springs to maintain its pro rata ownership interest in the equity capital of the Issuer.(c) the Issuer has also granted ERC the right to appoint one director to the board of directors of the Issuer for so long ...