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Skyscape Capital Inc. Announces Proposed Qualifying Transaction with Salida Energy Inc.
Toronto, Ontario--(Newsfile Corp. - June 19, 2018) - Skyscape Capital Inc. (TSXV: SKY.P) (" Sk...
About this update from Skycap Investment Holdings Inc.
[{"type":"text","content":"Skyscape Capital Inc. Announces Proposed Qualifying Transaction with Salida Energy Inc.Toronto, Ontario--(Newsfile Corp. - June 19, 2018) - Skyscape Capital Inc. (TSXV: SKY.P) (\"Skyscape\" or the \"Company\"), a capital pool company, is pleased to announce that it has entered into a non-binding letter of intent (the \"LOI\") dated June 8, 2018 with Salida Energy Inc. (\"Salida\") which outlines the general terms and conditions of a proposed transaction (the \"Proposed Transaction\") that will result in Skyscape acquiring all of the issued and outstanding shares of Salida (the \"Salida Shares\") in exchange for shares of Skyscape (the \"Skyscape Shares\"). The Proposed Transaction is currently expected to be completed by way of a three cornered amalgamation (the \"Amalgamation\") between Skyscape and Salida or other similar transaction which will result in Salida becoming a wholly-owned subsidiary of Skyscape.The LOI is to be superseded by a definitive agreement (the \"Definitive Agreement\") between Skyscape and Salida with such agreement to include representations, warranties, conditions and covenants typical for a transaction of this nature. The Proposed Transaction is subject to, among other things, receipt of the requisite shareholder approval of Salida, final approval of the TSX Venture Exchange (the \"Exchange\") and standard closing conditions, including the conditions described below. The parties have agreed that during the period from signing the LOI through to execution of the Definitive Agreement, each of Skyscape and Salida will continue their respective operations in the ordinary course and will not solicit or accept alternative offers (subject to fiduciary duties). Subject to satisfactory completion of due diligence, the parties expect to execute the Definitive Agreement on or about July 30, 2018 (or such other date as may be mutually agreed in writing between Skyscape and Salida) and have agreed to use their best efforts to complete the Proposed Transaction by August 31, 2018 (or such other date as may be mutually agreed in writing between Skyscape and Salida).The Proposed Transaction will constitute the Company's qualifying transaction (the \"Qualifying Transaction\") pursuant to Policy 2.4 — Capital Pool Companies (the \"Policy\") of the Exchange. The Proposed Transaction is not a \"Non Arm's Length Qual...