Business
Nobel29 Resources Corp. Completes Reverse Takeover Transaction
Toronto, Ontario--(Newsfile Corp. - April 14, 2021) - Nobel29 Resources Corp. (TSXV: NBLC) (formerly Novo19 Capital Corp.) (the "Company") is pleased to announc
About this update from Nobel Resources Corp
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - April 14, 2021) - Nobel29 Resources Corp. (TSXV: NBLC) (formerly Novo19 Capital Corp.) (the \"Company\") is pleased to announce that it has closed its previously announced reverse takeover transaction (the \"Transaction\") with Nobel Resources Corp. (the \"Target\"), a private company incorporated under the laws of the Province of Ontario with mining assets located in Chile. The Company will carry on the business of the Target, which is now a wholly-owned subsidiary of the Company. The Company intends to continue from British Columbia into Ontario and change its name to \"Nobel Resources Corp.\", subject to applicable laws. Lawrence Guy, Chairman of Nobel comments, \"we are excited to have our company listing and commence building value for our shareholders as we develop our Algarrobo copper project, in Chile. Drilling has commenced and we look forward to initial results in the coming weeks.\" Prior to the completion of the Transaction, the Company: (i) completed a consolidation of its issued and outstanding common shares (\"Shares\") on the basis of one post-consolidation Share for every 6.6667 pre-consolidation Shares (the \"Consolidation\"); and (ii) changed its name from \"Novo19 Capital Corp.\" to \"Nobel29 Resources Corp.\" (the \"Name Change\"). The Consolidation and the Name Change were approved at the annual and special meeting of shareholders of the Company held on February 10, 2021. The Transaction was completed by way of a \"three-cornered\" amalgamation pursuant to the provisions of the Business Corporations Act (Ontario). Pursuant to the Transaction, all common shares of the Target (\"Target Shares\") were exchanged for post-Consolidation Shares on a one-for-one basis and the Target and 2791419 Ontario Inc., a wholly-owned subsidiary of the Company newly incorporated under the Business Corporations Act (Ontario) for the sole purpose of effecting the Transaction, amalgamated with the resulting entity (\"Amalco\") continuing as a wholly-owned subsidiary of the Company under the name \"Nobel Resources Corp.\". Pursuant to the Transaction: (i) a total of 63,732,500 Target Shares were exchanged for post-Consolidation Shares of the Company on a one-for-one basis; (ii) warrants exercisable for a total of 1,907,000 Target Shares were exchanged on a one-for-o...