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Liberty Defense Enters into Letter of Intent with DrawDown Detection for a Proposed Merger Transaction
Liberty Defense Enters into Letter of Intent with DrawDown Detection for a Proposed Merger...
About this update from Liberty Defense Holdings Ltd.
[{"type":"text","content":"\n\n\n\nLiberty Defense Enters into Letter of Intent with DrawDown Detection for a Proposed Merger Transaction\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER and ATLANTA, Jan. 28, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER and ATLANTA, Jan. 28, 2020 /CNW/ - Liberty Defense Holdings Ltd. (\"Liberty\" or the \"Company\") (TSXV: SCAN, FRANKFURT: LD2, OTCQB: LDDFF), a leading concealed weapons detection company, announces that it has entered into a letter of intent (the \"LOI\") effective January 27, 2020, with DrawDown Detection Inc. (\"DrawDown\"), an arm's length privately-held corporation, to acquire a 100% interest in DrawDown via a business combination transaction that would constitute a reverse take-over of Liberty under TSX Venture Exchange (\"TSXV\") policies (the \"Transaction\"). The final structure of the Transaction will be determined by DrawDown and Liberty to accommodate tax considerations, accounting treatment, and applicable legal and regulatory requirements. Upon completion of the Transaction, it is expected that the common shares of the resulting entity (the \"Resulting Issuer\") will resume trading on the TSXV. DrawDown is not a Non-Arm's Length Party (as such term is defined in the policies of TSXV) to Liberty.\n\n \n \n\n \nThe closing of the Transaction is subject to Liberty and DrawDown negotiating and executing definitive documentation, the satisfactory completion of due diligence by the parties, the completion of the Consolidation (as defined herein), the completion of the Bridge Financing (as defined herein), TSXV approval and the receipt of all other necessary regulatory, shareholder and third-party consents and approvals. Laurentian Bank Securities Inc. is acting as exclusive financial advisor to Liberty.\nBill Frain, CEO and Director of DrawDown Detection states, \"We are very excited to be adding the HEXWAVE product to our security portfolio.  The engineering team at Liberty Defense has made great pro...