Business
Lions Bay Capital to Become Major Shareholder in Parkway Minerals and Davenport Resources
Vancouver, British Columbia--(Newsfile Corp. - August 6, 2019) - Lions Bay Capital Inc. (TSXV:...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Capital to Become Major Shareholder in Parkway Minerals and Davenport ResourcesVancouver, British Columbia--(Newsfile Corp. - August 6, 2019) - Lions Bay Capital Inc. (TSXV: LBI) (\"Lions Bay\" or the \"Company\") is pleased to advise that Parkway Minerals NL (\"Parkway Minerals\"), an Australian Stock Exchange (ASX) listed fertiliser minerals company, has signed binding term sheets to acquire 97.79% of the outstanding shares in Consolidated Potash Corporation (CPC), (the \"Transaction\"), including 100% of the shares held by Lions Bay.Lions Bay is currently the largest shareholder of CPC (owns 48% of the issued capital) and has also provided working capital by way of loan funds of approximately C$550,000 to CPC. Following the satisfaction of all the conditions precedent (including Parkway Minerals shareholder approval) outlined in the term sheet, at completion of the Transaction, Lions Bay will receive approximately:223 million ordinary shares in Parkway Minerals54.5 million partly paid shares in Parkway Minerals10 million shares in Davenport Resources Ltd (details below)Based on the recently traded share prices for both Parkway Minerals and Davenport Resources, the approximate market value of the shareholdings to be received by Lions Bay is in the order of $1.6 million. At completion of the Transaction, executive director of Lions Bay and managing director of CPC, Mr Bahay Ozcakmak will join the board of Parkway Minerals as an executive director. Lions Bay has also nominated Mr Patrick Power, the founder and current director of Western Potash Corp. (the developer of the innovative Milestone Potash Project in Saskatchewan), to also join the board of Parkway Minerals as a non-executive director.Executive Director of Lions Bay and Managing Director of CPC, Mr Bahay Ozcakmak commented:\"Following a prolonged period of under-investment in the fertiliser minerals sector, we believe we are approaching a period where robust projects with a line of sight to sustainable development, will be highly sought after by industry and strategic investors. Following our announcement in February this year that CPC had completed a Scoping Study on the Karinga Lakes Potash Project, we have received significant interest in both CPC and its promising aMES™ technology. In June this year, our joint venture partner at the Karinga Lakes P...