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Blue Fyre One Inc. announces TSX Venture Exchange conditional approval for qualifying transaction with Soltoro Ltd.
Blue Fyre One Inc. announces TSX Venture Exchange conditional approval for qualifying transaction with Soltoro Ltd..
About this update from Sol Global Investments Corp.
[{"type":"text","content":"\n\n\n\n\nOTTAWA, Aug. 23 /CNW Telbec/ - BLUE FYRE ONE INC., (TSXV: BLU.P) (THE\n\"CORPORATION\"), an Ottawa-based Capital Pool Company, announced today it has\nobtained conditional approval from the TSX Venture Exchange Inc. (the\n\"Exchange\") for its filing statement dated August 18, 2006 (the \"Filing\nStatement\"). The Filing Statement has been completed for an agreement in\nprinciple concerning the acquisition of Soltoro Ltd., an Ontario corporation\n(\"Soltoro\"), which is the Corporation's qualifying transaction pursuant to the\npolicies of the Exchange. The Filing Statement will be placed on SEDAR, and\nthe parties intend to close the transaction on August 31, 2006.\nAs previously disclosed by the Corporation on April 11, 2006, the\nacquisition price for all of the outstanding shares of Soltoro will be\nsatisfied by the issuance of 13,120,000 common shares in the capital of the\nCorporation. The Corporation will also assume the obligations under 480,000\nbroker's warrants of Soltoro to be issued under the Soltoro financings\ncompleted in April 2006, each entitling the holder to purchase one common\nshare of the Corporation at $0.50 share per share for an 18-month period. The\nCorporation will also assume the outstanding options of Soltoro, permitting\nupon exercise the issue of 1,310,000 common shares of the Corporation. All of\nthe options are held by directors with 380,000 exercisable at $0.10 and\nexpiring on November 30, 2009 and 450,000 exercisable at $0.25 and expiring\nSeptember 30, 2008. The balance of 480,000 options will be issued to directors\nupon the closing of the transaction and will be exercisable at the market\nprice for a period to be determined by the directors, no longer than five\nyears from the date of issue.\n\nSoltoro is a mineral exploration company active in south-western Mexico\nthrough its wholly owned Mexican subsidiary, Soltoro S.A. de C.V. (\"Soltoro\nMexico\"). Soltoro Mexico holds 100 % title interest to two separate mineral\nconcessions located in the State of Jalisco, Mexico: El Rayo & La Tortuga. The\nentire El Rayo silver-lead-gold concession and a portion of the La Tortuga\ncopper-gold-silver concession were part of the National Mine Reserve until\ndenationalization in 1993, at which time, the Mexican Government privatized a\nlarge portion of its governmental mining holdings in ...