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Magna Terra Receives Final Approval of the TSX Venture Exchange for the Exploreco Acquisition, Shares to Resume Trading on August 14
TORONTO, ON / ACCESSWIRE / August 12, 2020 / Magna Terra Minerals Inc. (the " Company " or "...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Receives Final Approval of the TSX Venture Exchange for the Exploreco Acquisition, Shares to Resume Trading on August 14TORONTO, ON / ACCESSWIRE / August 12, 2020 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSX-V:MTT) is pleased to announce that it has received the final approval from the TSX Venture Exchange (the \"Exchange\") in connection with its completion of the acquisition of Anaconda Mining Inc.'s (\"Anaconda\") wholly-owned subsidiary, 2647102 Ontario Inc. (the \"Acquisition\"), the consolidation of its issued and outstanding shares on the basis of seven (7) old common shares for one (1) new common share of the Company (the \"Share Consolidation\") and the closing of the previously announced private placement (the \"Offering\") whereby the Company raised gross proceeds of $4.987 million (see news release dated August 4, 2020 for more details). As a result of these transactions, Magna Terra will now be listed on the Exchange as a Tier 1 Mining Issuer and trading of its common shares on a post-Share Consolidation basis is expected to commence on the Exchange at the opening of the market on August 14, 2020 under the symbol \"MTT\".Following the completion of the Acquisition and the Offering, to the knowledge of the Company, the following are the only persons who own of record or beneficially, directly or indirectly, or exercise control or direction over, more than 10% of the common shares of Magna Terra Shares:Name and Municipality of ResidenceNumber of commons sharesof Magna TerraPercentage of the issued and outstandingcommon shares of Magna TerraAnaconda.............................Toronto, Ontario12,493,48227.32%Lewis Lawrick.....................Toronto, Ontario4,544,809(1)9.94%(1) 4,447,952 of these shares are held through Thorsen-Fordyce Merchant Capital Inc., a private company controlled by Mr. Lawrick.Furthermore, as the Acquisition constitutes a \"Reverse Take Over\" under the policies of the Exchange, the common shares of the Company issued to Anaconda in connection with the Acquisition and the securities held by the Principals of the Company (as such term is defined on the policies of the Exchange) are subject to an eighteen (18) month escrow agreement with Computershare Investor Services Inc., the whole as described in the table below:SecurityholderCommon Shares(Post-Consolidati...