Business
Minco Silver Annouces Revised Investment in Hempnova Lifetech Corporation
Minco Silver Annouces Revised Investment in Hempnova Lifetech Corporation Canada N...
About this update from Minco Silver Corporation
[{"type":"text","content":"\n\n\n\nMinco Silver Annouces Revised Investment in Hempnova Lifetech Corporation\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\n\nCanada NewsWire\nVANCOUVER, May 5, 2020\n\n\n\nTSX:  MSV; OTCQX: MISVF; WKN:A0ESX5  \n VANCOUVER, May 5, 2020 /CNW/ - Minco Silver Corporation (the \"Company\" or \"Minco Silver\") (TSX: MSV OTCQX: MISVF; WKN: A0ESX5) today reported that it has reduced the size of its private placement investment in HempNova Lifetech Corporation (\"HempNova\") from 10,000,000 common shares of HempNova to 7,950,000 common shares at a price of $0.40 per share. As a result, the aggregate amount of the Company's investment in HempNova has been reduced from $4,000,000 to $3,180,000.\nThe shares purchased by the Company pursuant to the reduced investment represents approximately 12.80% of the issued and outstanding common shares of HempNova after closing of the HempNova private placement. The Company has filed an amended early warning report to reflect its reduced investment in HempNova. A copy of the amended early warning report is available for review on HempNova's SEDAR profile.\nThe private placement in HempNova was reduced to ensure that it did not exceed 10% of the Company's market capitalization on the date the investment was first announced. Pursuant to TSX policies, the approval of the investment in the original amount, which exceeded 10% of the Company's market capitalization, would have required shareholder approval. To avoid the delays and expense of convening a shareholder meeting for purposes of  seeking shareholder approval, the Company elected instead to reduce the amount of its investment.\nAs part of its due diligence review of HempNova, the Company has satisfied itself that the business of HempNova does not violate U.S. federal law regarding marijuana and is operated legally in all jurisdictions in which it operates. The tests regarding such compliance are set forth in TSX Staff Notice 2017-0009.  Specifically, the Company has satisfied itself that HempNova (1) has no direct or indirect owne...