Business
Rider 2 Investment Capital Corp. Provides Update for Proposed Qualifying Transaction with D Block Discoveries Inc.
(TheNewswire) Calgary, Alberta – TheNewswire - November 8, 2021 - ...
About this update from Metal Energy Corp
[{"type":"text","content":"Rider 2 Investment Capital Corp. Provides Update for Proposed Qualifying Transaction with D Block Discoveries Inc.\n \n \n (TheNewswire)\n \n \n \n Calgary, Alberta –\n \n \n TheNewswire -\n \n \n November 8, 2021 -\n \n \n Rider 2 Investment Capital Corp. (“\n \n \n Rider 2\n \n \n ” or the\n“\n \n \n Company\n \n \n ”) (TSXV:RIDR.P), a capital pool company, is pleased to\nannounce this update with respect to its previously announced\nQualifying Transaction with D Block Discoveries Inc. (“\n \n \n D Block\n \n \n ”).\n \n \n \n \n Pursuant to a definitive agreement,\n \n \n Rider 2\n \n \n and D Block intend to complete\na business combination intended to constitute Rider 2’s Qualifying\nTransaction, as such term is defined in Policy 2.4 of the Corporate\nFinance Manual of the TSX Venture Exchange\n \n \n (the\n“\n \n \n Proposed\nTransaction\n \n \n ”).  The Proposed Transaction will\nresult in Rider 2\n \n \n acquiring all of the issued\nand outstanding equity shares of D Block (the “\n \n \n D Block Shares\n \n \n ”) in\nexchange for common shares of Rider 2 (each, an “\n \n \n Rider 2 Share\n \n \n ”).\n \n \n Upon Closing, the name of the Resulting Issuer\nwill be changed to “Metal Energy Corp.”\n \n \n .\n \n \n \n \n The Corporation has received conditional approval for\nthe Proposed Transaction from the TSX Venture Exchange will be posting\na Filing Statement on SEDAR in advance of closing.  The Parties\nexpect to close during the week of November 15, 2021.\n \n \n \n \n Equity Financing Update\n \n \n \n \n The Parties have agreed to raise the minimum financing\nfrom $3,000,000 to $4,000,000.  In connection the Proposed\nTransaction, D Block and Rider 2 are undergoing a non-brokered private\nplacement financing (the “\n \n \n Offering\n \n \n ”) for gross proceeds of a minimum\nof $4,000,000 and a maximum of $7,000,000.\n \n \n \n \n The Offering includes:\n \n \n \n \n (1)        a flow-through component (the\n“\n \n \n Flow-Through\nComponent\n \n \n ”), which is comprised of up to\n29,166,667 flow-through units (the “\n \n \n Flow-Through Units\n \n \n ”) at a price of $0.24 per Flow-Through Unit. Each Flow\nThrough Unit is compri...