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Spirit Banner and Ion Energy Announce TSXV Conditional Approval for Proposed Qualifying Transaction and SEDAR Filing of Filing Statement
Toronto, Ontario--(Newsfile Corp. - April 3, 2020) - Spirit Banner Capital Corp . (TSXV: SBCC...
About this update from Osiris One Metals Ltd.
[{"type":"text","content":"Spirit Banner and Ion Energy Announce TSXV Conditional Approval for Proposed Qualifying Transaction and SEDAR Filing of Filing StatementToronto, Ontario--(Newsfile Corp. - April 3, 2020) - Spirit Banner Capital Corp. (TSXV: SBCC.P) (\"Spirit Banner\" or the \"Corporation\")  is pleased to announce it has received conditional approval from the TSX Venture Exchange (the \"TSXV\") for its qualifying transaction (the \"Proposed Transaction\") with Ion Energy Ltd. (\"Ion Energy\"). As previously announced on August 20, 2019, November 18, 2019 and January 30, 2020, it is expected the Proposed Transaction, whereby Spirit Banner will acquire all of the issued and outstanding common shares of Ion Energy by way of a three-cornered amalgamation, will qualify as the Corporation's \"Qualifying Transaction\" under the policies of the TSXV.Spirit Banner has filed its filing statement (the \"Filing Statement\") and the technical report (the \"Technical Report\") on the Baavhai-Uul Project prepared in connection with the Proposed Transaction. The Filing Statement and Technical Report are dated as of March 30, 2020 and posted on the Corporation's SEDAR profile page at www.sedar.com.Ali Haji, CEO and Director of Ion Energy commented: \"We are pleased to announce the grant of conditional approval as the next step towards completion of the Proposed Transaction. We believe the Baavhai-Uul Project represents a promising opportunity for lithium exploration in Mongolia and are excited about the possibility of listing on the TSXV. We would like to thank all stakeholders for their diligence and continued support throughout this process, especially in light of recent challenges related to the global pandemic.\"Closing of Qualifying TransactionClosing of the Proposed Transaction is subject to certain conditions, including final acceptance of the TSXV for the Proposed Transaction and completion of Ion Energy's concurrent financing (the \"Ion Energy Financing\"), which consists of the issuance of a minimum of 4,333,333 subscription receipts (the \"Subscription Receipts\") and a maximum of 10,000,000 Subscription Receipts offered at $0.30 per Subscription Receipt, as further described in the new release issued by Spirit Banner on January 30, 2020. The minimum amount of funds to be raised from the Ion Energy Financing has been reduced from $2,000,000 as pr...