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kneat.com announces completion of arrangement and merger
kneat.com announces completion of arrangement and merger kneat.com announces compl...
About this update from Kneat.com, Inc.
[{"type":"text","content":"\n\n\n\nkneat.com announces completion of arrangement and merger\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\nkneat.com announces completion of arrangement and merger\nCanada NewsWire\nHALIFAX, June 27, 2016\n\n\n\nHALIFAX, June 27, 2016 /CNW/ - kneat.com, inc. (formerly, Fortune Bay Corp.) (TSX: FOR) (\"kneat.com\" or the \"Company\") is pleased to announce the completion of the previously announced transaction (the \"Transaction\"), pursuant to which, among other things, the Company has: (i) spun-out its resource properties by way of a court-approved plan of arrangement in Ontario (the \"Arrangement\"); and (ii) acquired 100% of the issued and outstanding ordinary shares (the \"Kneat Shares\") of Kneat Solutions Limited (\"Kneat\") by way of a concurrent scheme of arrangement in Ireland (the \"Merger\").\n\nPursuant to the Arrangement, the shareholders of the Company (the \"Company Shareholders\") received one (1) new common share of kneat.com (each a \"New Share\") and one and one half (1.5) of a common share (a \"SpinCo Share\") of Fortune Bay Corp. (formerly, 9617337 Canada Limited), a newly formed exploration company (\"SpinCo\"), in exchange for each three (3) common shares of the Company held by them immediately prior to the effective time of the Arrangement and Merger, for a total issuance of 12,385,424 New Shares and 18,578,200 SpinCo Shares. \n\nPursuant to the Merger, the Company acquired 100% of the issued and outstanding Kneat Shares in consideration for issuance to the former holders of the Kneat Shares (the \"Kneat Shareholders\") 27,178,260 New Shares, representing 68.7% of the issued and outstanding New Shares. Upon closing of the Transaction, the Company Shareholders hold 100% of the issued and outstanding SpinCo Shares and 31.3% of the issued and outstanding New Shares, with the former Kneat Shareholders holding the remaining 68.7% of the issued and outstanding New Shares. In addition to acquiring all the issued and outstanding Kneat Shares, kneat.com retained net CAD$8.2 million. SpinCo holds the Company's interests in the Goldfields project ...