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Knol Resources Corp. Announces Proposed Reverse Takeover Transaction with Kewa Financial Inc.
VANCOUVER, BC / ACCESSWIRE / July 25, 2016 / Knol Resources Corp. ( NEX : NOL.H ) (" Kn...
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[{"type":"text","content":"Knol Resources Corp. Announces Proposed Reverse Takeover Transaction with Kewa Financial Inc.VANCOUVER, BC / ACCESSWIRE / July 25, 2016 / Knol Resources Corp. (NEX: NOL.H) (\"Knol\" or the \"Corporation\") is pleased to announce that it has entered into a non-binding letter of intent (the \"Letter of Intent\") dated June 20, 2016 with KEWA Financial Inc. (\"KEWA\") which outlines the general terms and conditions of a proposed transaction (the \"Proposed Transaction\") that will result in Knol acquiring all of the issued and outstanding common shares (the \"KEWA Shares\") and other securities of KEWA.The Corporation is currently listed on NEX and it is intended that the Proposed Transaction will constitute its \"reactivation\" as defined in the policies of the TSX Venture Exchange (the \"Exchange\") and upon completion of the Proposed Transaction (the \"Closing\") and meeting all the conditions of the Exchange will have its listing transferred from NEX to the Exchange.The Proposed Transaction is currently expected to be completed by way of a three-cornered amalgamation or other similar transaction between Knol and KEWA which will result in KEWA becoming a wholly-owned subsidiary of Knol.Overview of KEWAKEWA is incorporated in the Province of Ontario and is engaged in the business of providing environmental surety bonding and reclamation solutions for carefully selected U.S. based mining companies. Reclamation surety bonds guarantee that land used for mining will be remediated to previously agreed upon standards after mining activities have been concluded. KEWA's comprehensive surety bonding solution provides capital relief to the bonded principals while ensuring their compliance with rapidly increasing environmental remediation obligations. Following the Closing and completion of the KEWA Financing (as defined below) and Ancillary Acquisitions (as defined below), KEWA will own 100% of an A.M. Best A- rated licensed U.S. insurance company with a U.S. Treasury listing, a Barbados domiciled licensed reinsurance company, a licensed insurance agency with over 35 years of history, and a profitable environmental reclamation services company.The Proposed TransactionThe Letter of Intent is to be superseded by a definitive agreement (the \"Definitive Agreement\") between Knol and KEWA with such agreement to include representations, warrant...