Business
1017341 B.C. Ltd. Completes Business Combination with Lite Access Technologies Inc., Closes $1.847 Million Financing and Obtains Listing on Canadian Securities Exchange
(via Thenewswire.ca) Vancouver, British Columbia. / TheNewswire / June 1, 2015 - LIT...
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[{"type":"text","content":"1017341 B.C. Ltd. Completes Business Combination with Lite Access Technologies Inc., Closes $1.847 Million Financing and Obtains Listing on Canadian Securities Exchange(via Thenewswire.ca)\n \n \nVancouver, British Columbia. / TheNewswire / June 1, 2015 - LITE ACCESS TECHNOLOGIES INC. (previously 1017341 B.C. Ltd.) (the \"Company\") (CSE: LTE) is pleased to announce that it has closed its previously announced business combination (the \"Transaction\") with Lite Access Technologies Inc. (\"Lite Access\") and a concurrent private placement financing of 7,388,000 common shares of the Company at a price of $0.25 per share for gross proceeds of $1,847,000. As part of the Transaction, the Canadian Securities Exchange (the \"Exchange\") accepted the listing of common shares of the Company. The Company's common shares will commence trading on the Exchange under the symbol \"LTE\" on June 1, 2015.\n\n \n \nThe Business Combination\n\n \n \nUnder the terms of a business combination agreement between the Company and Lite Access, the Company acquired all of the issued and outstanding shares of Lite Access by completing a three-cornered amalgamation. Pursuant to the three-cornered amalgamation, Lite Access and a wholly-owned subsidiary of the Company amalgamated to form \"Lite Access Holdings Inc.\" and, in consideration of which, the Company issued one common share for each share held by a shareholder of Lite Access for an aggregate of 15,548,674 common shares of the Company (the \"Transaction Shares\").\n\n \n \nConcurrently with the acquisition of Lite Access, the Company issued 7,388,000 common shares at a price of $0.25 per share for gross proceeds of $1,847,000. In connection with the private placement, the Company paid finders a cash fee of $51,200, issued finders a total of 96,000 common shares and granted warrants to purchase 300,800 common shares exercisable at a price of $0.25 per share for a period of 2 years from the date of issue. The securities issued under the financing will be subject to a hold period expiring on September 27, 2015 pursuant to applicable Canadian securities laws.\n\n\n \nAs part of the Transaction, the Company changed its name to \"Lite Access Technologies Inc.\"\n\n \n \nDirectors, Officers and Stock Options\n\n \n \nAs a result of closing of the Transaction, Michael Priest became the Chief Executive Office...