Business
Omai Gold Mines Announces Resumption of Trading
TORONTO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (formerly Anconia Resources Corp.) (the "Company" or the "Resulting Issuer") is pleased to anno
About this update from Omai Gold Mines Corp.
[{"type":"text","content":" TORONTO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Omai Gold Mines Corp. (formerly Anconia Resources Corp.) (the \"Company\" or the \"Resulting Issuer\") is pleased to announce that following the closing of its reverse takeover transaction (the \"RTO\") with Avalon Investment Holdings Inc. (\"Avalon\") as previously described in its news releases dated May 24, October 10, and October 1, 2020 and more particularly set out in its management information circular dated August 29, 2020 (the \"Filing Statement\"), which is available under the profile of the Company at www.sedar.com, the TSX Venture Exchange (the \"TSXV\") has issued its final exchange bulletin confirming the completion of the RTO (the \"Final Exchange Bulletin\"). The Company's common shares will commence trading on the TSXV as a Tier 2 mining issuer under the symbol \"OMG\" as of November 18, 2020. Reverse takeover transaction Pursuant to an amalgamation agreement (the \"Amalgamation Agreement\"), Anconia Resources (Barbados) Corp., a wholly owned subsidiary of the Company, and Avalon amalgamated under the Companies Act of Barbados (the \"Amalgamation\"). As a result of the Amalgamation, (i) all securities of the Company were consolidated on a 15:1 basis; (ii) the issued and outstanding shares in the capital of Avalon will be converted into one (1) common share in the capital of the surviving corporation of the Amalgamation (\"Amalco\"); and (iii) in exchange for each (1) security held in the capital of Amalco, each security holder will receive 1 security (the \"Exchange Ratio\") in the capital of the Resulting Issuer (the \"Company Securities\"). Finally, the shares of Amalco held by former Avalon shareholders have been cancelled, and shares of the Resulting Issuer have been issued to those shareholders in replacement. Outstanding Share Capital and Escrow Following the closing of the RTO, the Company has a total of 189,869,799 common shares issued and outstanding. An aggregate of 57,095,017 common shares and 4,500,008 stock options held by the Principals of the Company are subject to Tier 2 Value Escrow and will be released from escrow as follows: five percent (5%) of the escrowed shares will be released from escrow on the issuance of the Final Exchange Bulletin, five percent (5%) will be released 6 months thereafter, ten percent (10%) will be released 12 months and 18 mon...