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Rupert Resources Enters Into a Definitive Agreement in Connection With Acquisition of Northern Aspect Resources Ltd.
TORONTO, March 19, 2018 (GLOBE NEWSWIRE) -- Rupert Resources Ltd (“Rupert” or “the Company”) (TSX-V:RUP) (FSE:R05) is pleased to announce that it has entered in
About this update from Rupert Resources Ltd.
[{"type":"text","content":" TORONTO, March 19, 2018 (GLOBE NEWSWIRE) -- Rupert Resources Ltd (“Rupert” or “the Company”) (TSX-V:RUP) (FSE:R05) is pleased to announce that it has entered into a binding definitive share exchange agreement dated effective March 16, 2018 (the “Definitive Agreement”) with Northern Aspect Resources Ltd. (“NARL”) and all the shareholders of NARL, to provide for the completion of a business combination, whereby the Company has agreed, subject to certain conditions, to acquire all of the issued and outstanding securities of NARL (the “Transaction”). The Transaction was initially announced in a Company press release dated January 15, 2018, indicating that the Company and NARL had entered into a binding letter of intent in respect of the Transaction. The Company has also received conditional approval from the TSX-V for the Transaction and is working to fulfill the exchange’s requirements for final approval and closing of the Transaction. NARL is a privately owned, British Columbia incorporated company with a 100% beneficial interest in the Hirsikangas and Osikonmaki properties in Central Finland. The Hirsikangas property consists of six (6) claims, plus two (2) reservations, all of which are valid. The Osikonmaki property consists of seven (7) claims, plus one (1) reservation, that are valid, and two (2) claims that are in application for renewal. See the Company’s January 15, 2018 press release for further information about NARL and its interests. The Transaction Pursuant to the Definitive Agreement, the Company proposes to acquire all of the issued and outstanding securities of NARL, in exchange for 4,913,466 common shares of the Company. The Transaction is conditional upon, among other things, the parties receiving all requisite regulatory approval, including the approval of the TSX Venture Exchange, and any third party approvals and authorizations. Mr. James Withall, a director and CEO of the Company, is the CEO of NARL, and therefore the Transaction constitutes a “related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on exemptions from the formal valuation and minority approval requirements of MI61-101 based on a determination that the securities of the Company are listed...