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Suntec Pure Water Technologies Inc. announces corporate reorganization
Symbol: SUT: TSX Venture Exchange CALGARY, Jan. 10 /CNW/ - Suntec Pure Water Technologies Inc. ("...
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\nSymbol: SUT: TSX Venture Exchange\n\n\nCALGARY, Jan. 10 /CNW/ - Suntec Pure Water Technologies Inc. ("Suntec" or\nthe "Company") is pleased to announce that it has entered into a letter of\nintent with a group of private investors respecting a corporate reorganization\n(the "Reorganization") of the Company. Pursuant to the Reorganization, the\nCompany's outstanding common shares will be consolidated, the Company will be\nrecapitalized with $1.5 million cash and its existing assets will be sold.\nUpon completing the Reorganization, Suntec's existing shareholders will\ncontinue to own approximately 25% of the shares of the ongoing public company,\nwhich will continue its listing on the NEX board of the TSX Venture Exchange\n(the "TSXV").\n\n\nThe Reorganization shall include the following steps, to be approved, as\nand if required, at a special meeting of the shareholders of the Company to be\nconvened in due course:\n\n\n1. The consolidation of the outstanding common shares on a one (1) new\n for each two and eight-tenths (2.8) outstanding shares basis, such\n that the Company shall have outstanding after such consolidation a\n total of 10,046,222 Common Shares.\n\n2. A non-brokered private placement of 30,000,000 units of the Company\n at $0.05 per unit for gross proceeds of $1,500,000, each unit\n consisting of one post-consolidation common share of the Company and\n one warrant to buy one additional post-consolidation common share for\n $0.10 for a period of one year from closing. The proceeds of the\n private placement, along with the proceeds from the sale of the\n Company's existing assets, will be used to pay the remaining debts of\n the Company, and to provide the Company with working capital to\n enable it to move forward and find and develop a new business.\n Finders' fees will be payable with respect to the private placement\n in accordance with the policies of the TSXV.\n\n3. A change of the Company's name to a name approved by the new\n directors.\n\n4. The election of a new board of directors.\n\n5. The sale of all or substantially all of the existing assets of the\n Company.\n\n\nAs soon as reasonably possible after closing the Reorganization, the\nCompany will appoint a new management team and shall commence the process of\nselling of all or substantially all of its ...