Business
Navion Announces Letter of Intent and Intention to Complete Its Qualifying Transaction
CALGARY, AB / ACCESSWIRE / April 23, 2020 / NAVION CAPITAL INC. (TSXV:NAVN.P) (the " Corpo...
About this update from Noa Lithium Brines Inc
[{"type":"text","content":"Navion Announces Letter of Intent and Intention to Complete Its Qualifying TransactionCALGARY, AB / ACCESSWIRE / April 23, 2020 / NAVION CAPITAL INC. (TSXV:NAVN.P) (the \"Corporation\"), a capital pool company, is pleased to announce that it has signed a letter of intent dated April 20, 2020, (the \"LOI\") with Daizee Diapers Corp. (\"Daizee\"), a private Canadian company incorporated in British Columbia. Established in 2018, Daizee was formed to design and market a premium baby-care diaper product line for affluent, environmentally aware parents and their babies. Daizee's initial product line, \"Hybrid Diaper\", will be directed for sale specifically to physical retailers with in-store and online points of sale. Initial product trials have been concluded with consumer end-users, and the packaging and logistics systems are substantially complete, allowing Daizee to begin commercialization of their products (collectively, the \"Business\").The LOI outlines the general terms and conditions pursuant to which the Corporation and all its constituent companies intend to complete a transaction that will result in a reverse take-over of the Corporation by the security holders of Daizee and is intended to constitute the \"qualifying transaction\" of the Corporation under Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the \"TSXV\"). The Corporation expects to be classified as an Industrial Issuer upon completion of the transaction.The transaction is expected to result in the security holders of Daizee exchanging all securities, consisting of 9,663,336 common shares (not including common shares issued pursuant to the Concurrent Financing, as defined below), 250,000 stock options, 190,000 special warrants (exercisable into common shares of Daizee upon payment of $0.05 per share) and 2,973,000 purchase warrants (exercisable into common shares of Daizee upon payment of $0.10 per share) for 9,663,336 common shares (not including common shares issued pursuant to the Concurrent Financing, as defined below), 250,000 stock options, 190,000 special warrants and 2,973,000 purchase warrants of the Corporation, on the same terms, at a deemed price of $0.10 per share for a total deemed consideration of $966,334 (not including the Concurrent Financing, as defined below). The transaction will be structured by way of a plan of arrangemen...