Business
STEM 7 Capital Ceases Change of Business Activity and Will Revert to Canada Gold Corporation
(via Thenewswire.ca) November 7 th , 2013 - Toronto, Canada - STEM 7 Capital Inc. (TSX.V...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"STEM 7 Capital Ceases Change of Business Activity and Will Revert to Canada Gold Corporation(via Thenewswire.ca)\n\n \nNovember 7th, 2013 - Toronto, Canada - STEM 7 Capital Inc. (TSX.V: CI, Frankfurt: T9NB, OTC-BB: CNGZF) (the \"Company\") has today announced that the change of business (\"COB\") activity previously announced on May 29, 2013, and the private placement fundraising announced on August 2, 2013, have been discontinued and, accordingly, the Company will revert to its previous business as a junior mineral exploration company effective immediately, subject to regulatory approval. In addition, the Company intends to file articles of amendment in order to change the Company's name to Canada Gold Corporation. \n\n \n \nDuring the course of the Company's private placement fundraising activities over the past few months, undertaken to complete the COB, the Company has received feedback from various institutional and retail investors and advisors that achieving all of the requirements to complete the COB will be difficult to achieve through a retail-lead, public financing in Canada, given the proposed international scope of the Company's business and its relatively early stage of commercial activity. Accordingly, the newly appointed executive team recommended to the Board of Directors of the Company that the COB activity be terminated and the Board of Directors has accepted this recommendation. \n\n \n \nFurther to the Company's press release dated August 2, 2013, the Company also announces that it has closed a private placement of an aggregate of 2,680,000 units (the \"Units\") for aggregate gross proceed of $134,000 to the Company. Each Unit is comprised of one common share (a \"Common Share\") in the capital of the Company, and one Common Share purchase warrant (a \"Warrant\"). Each Warrant is exercisable for one Common Share at a price of $0.10 per Common Share for a period of two years from the date of issuance. These funds were used primarily to fund the COB process.\n\n \n \nAs a result of the foregoing, the following changes to management and the Board have taken place with immediate effect: Dave McMillan has been appointed as Chairman & CEO of the Company; Chad McMillan and Al Fabbro will remain as Directors; Tom Sweeney has resigned as Executive Chairman; and Sunil Sharma has resigned as Managing Director. Mr. ...