Business
Transition Metals Resumes Trading on TSX-V
SUDBURY, ON, Aug. 19, 2013 /CNW/ - Project generator Transition Metals Corp. (XTM - TSX.V...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\nSUDBURY, ON, Aug. 19, 2013 /CNW/ - Project generator Transition Metals\n Corp. (XTM - TSX.V)  (\"Transition\", \"the Company\"), is pleased to\n announce it will resume trading today, after completing the plan of\n arrangement to combine its business with HTX Minerals Corp. (\"HTX\"),\n also a project generator.  At the request of the Company, trading of\n Transition shares had been halted on August 14, to allow for closing\n procedures to be completed, and a press release was issued at that\n time. Trading now commences on a post-consolidation basis.\n\n\n\"HTX brings in two strategic alliance partners, and has substantial and\n active exploration programs for gold in the Northwest Territories and\n Nunavut, and for platinum in north-western Ontario,\" noted Scott McLean, P.Geo., President & CEO of Transition. \"We're optimistic that the value contributed by HTX to the new combined\n business will soon be appropriately reflected in Transition's share\n price.\"\n\n\nTransition has a strong portfolio of gold, copper, nickel, platinum and\n diamond projects in Canada, encompassing roughly 2,000 km2, and is actively pursuing partnership opportunities to advance them to\n the next stage.\n\n\nShare Capital\n\n\nUnder the terms of the plan of arrangement, all common shares of\n Transition have been consolidated on a 2:1 basis. HTX shareholders have\n received shares of Transition at an exchange ratio of 0.8\n post-consolidation Transition shares for each HTX share, and all shares\n of Transition held by HTX have been cancelled. As a result, there are\n now 25,756,542 Transition shares issued and outstanding.\n\n\nEquity Financial Trust Company has been appointed Escrow Agent and is\n holding 3,978,145 shares and 31,600 warrants on behalf of directors and\n officers of the company. The escrow shares are subject to a Tier 2\n value escrow imposed by the TSXV, and these securities will be released\n according to the following schedule: 10% on closing, and the\n remainder in equal tranches of 15% every six months for the next 36\n months.\n\n\nAbout Transition Metals Corp\n\n\nTransition Metals Corp (XTM -TSX.V) is a Canadian-based, multi-commodity\n project generator that specializes in converting new exploration ideas\n into Canadian discoveries. The award-winning team of geoscientists has\n extensive exp...