Business
Jayden Completes Sale of Canadian Subsidiary
(via TheNewswire) THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR D...
About this update from Jayden Resources Inc
[{"type":"text","content":"Jayden Completes Sale of Canadian Subsidiary(via TheNewswire)\n\n \nTHIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES\n\n\n \nVancouver, B.C. / TheNewswire / October 31, 2018 - Jayden Resources Inc. (JDN: TSXV) (the \"Company\" or \"Jayden\") is pleased to announce that it has closed the previously announced sale (the \"Transaction\") of all of the issued and outstanding shares of its wholly-owned subsidiary Jayden Resources (Canada) Inc. (\"Jayden Canada\") to Ascot Resources Ltd. (\"Ascot\") pursuant to the share purchase agreement between Jayden and Ascot (the \"Agreement\") signed on August 12, 2018. Ascot acquired all the issued and outstanding shares of Jayden Canada in exchange for 15,179,497 Ascot common shares (\"Ascot Shares\") at a deemed value of $0.94 per Ascot Share, including the Ascot Shares relating to options and warrants of Jayden exercised before the closing date with net cash proceeds of the warrants accruing to Ascot.\n\n\n \nAt the Special General Meeting of the Company held on October 17, 2018, Jayden shareholders overwhelmingly voted in favor for the Transaction. Of the 88,161,746 common shares eligible for the vote, 59,604,621 shares or 67.61% of the issued and outstanding shares of the Company were voted. Of the 59,604,621 shares voted, 99.48% of the shares voted in favor of the Transaction. The Transaction was a non-arm's length transaction under TSX Venture Exchange (the \"Exchange\") policies, as Eric Sprott is a considered an Insider of both Ascot and Jayden by virtue of owning more than 10% of the shares of both companies.\n\n\n \nOn or before the expiration of 60 days from closing of the Transaction, the Company intends to distribute all of the Ascot Shares to Jayden shareholders on a pro rata basis. At the close of the Transaction, there were 89,361,746 Jayden shares issued and outstanding. Jayden shareholders will receive approximately 1 Ascot share for every 5.88 Jayden shares held. The Company will inform shareholders of the record date for the distribution of the Ascot shares when such date is determined. It is expected that the Company's shares will be reinstated for trading following issuance of the Exchange bulletin in respect of the Transaction.\n\n\n \nFor further information about the Transaction, please see Jayden's press release...