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Palisades enters into amended and restated binding agreement with Intermont Exploration, LLC and 1027344 B.C. Ltd.
Palisades enters into amended and restated binding agreement with Intermont Exploration, L...
About this update from Hayasa Metals Inc.
[{"type":"text","content":"\n\n\n\nPalisades enters into amended and restated binding agreement with Intermont Exploration, LLC and 1027344 B.C. Ltd.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 28, 2017\n\n\n\nVANCOUVER, Feb. 28, 2017 /CNW/ - Palisades Ventures Inc. (TSX.V: PSV) (\"Palisades\" or the \"Company\") is pleased to announce that it has entered into an amended and restated binding letter agreement (the \"Amended Agreement\") with Intermont Exploration, LLC (\"Intermont\") and 1027344 B.C. Ltd. (\"1027344 B.C.\"). The parties have completed due diligence and the Amended Agreement replaces the binding letter agreement previously announced on January 4, 2017. Pursuant to the Amended Agreement, Palisades will acquire all of the issued and outstanding units of Intermont and all of the issued and outstanding shares of 1027344 B.C. (the \"Transaction\").\n\nIntermont and 1027344 B.C. are each recently incorporated and in the business of mineral exploration. Pursuant to the TSX Venture Exchange (\"TSX-V\") policies, the Transaction will be a reverse takeover for Palisades. On closing of the Transaction, Palisades will be the resulting issuer, will remain a Tier 2 resource issuer and will change its name to \"Fremont Gold Ltd.\", or such other name as agreed upon by the parties, regulatory authorities and the TSX-V. Palisades, Intermont and 1027344 B.C. are all at arm's length to each other and no non-arm's length party of Palisades has any interest in Intermont, 1027344 B.C. or the Transaction. \n\nSummary of the Transaction \n\nIntermont Acquisition and 1027344 B.C. Acquisition\n\nIntermont is a company incorporated pursuant to the laws of the State of Nevada and is controlled by Clay Newton. 1027344 B.C. is a company incorporated pursuant to the laws of the Province of British Columbia and is controlled by Alan Carter. After completing a 3:4 share consolidation (described below), Palisades will issue a total of 10 million common shares in consideration for the acquisition of the common shares of 1027344 B.C. (3.5 million) and the units of Intermont ...