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Jasper Mining Corporation provides update on plan of arrangement
Jasper Mining Corporation provides update on plan of arrangement Jasper Mining Cor...
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[{"type":"text","content":"\n\n\n\nJasper Mining Corporation provides update on plan of arrangement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nJasper Mining Corporation provides update on plan of arrangement\nCanada NewsWire\nCALGARY, June 8, 2016\n\n\n\nTrading Symbol: TSX-V: JSPNews Release No.  16-273-06\n\n\n\nCALGARY, June 8, 2016 /CNW/ - Jasper Mining Corporation (\"Jasper\" or the \"Company\") (TSX-V:JSP) is pleased to announce the details of the concurrent private placement in relation to the plan of arrangement with Tacitus Ventures Corp. (\"Tacitus\") and Delfan Energy Resources Corp (\"Delfan\") which was previously announced in a news release dated June 2, 2016, whereby Jasper will acquire all of the issued and outstanding common shares of Tacitus and Delfan in an all-stock transaction (the \"Transaction\"). The Transaction will constitute a reverse takeover under the rules and policies of the TSX Venture Exchange (\"TSXV\").  \n\nThe Transaction involves private placement offering of subscription receipts.  Each subscription receipt will be automatically exchanged (without any further action by the holder of such subscription receipt and for no further payment) for one common share in the capital of Jasper (\"Jasper Share\") and one-half of one share purchase warrant in the capital of Jasper (\"Jasper Warrant\"), at a price of $0.35 per subscription receipt for aggregate gross proceeds of up to $3,000,000 (the \"Private Placement\"), upon satisfaction of certain escrow release conditions.  Each whole Jasper Warrant entitles the holder thereof to purchase one Jasper Share for $0.50 per share expiring 18 months from the date of issuance. The Company will be able to force the conversion of the Jasper Warrants if, at any time following the closing date of the Private Placement, the simple average closing price of the Jasper Shares on the TSXV exceeds $0.75 for a minimum of 30 consecutive trading days.\n\nThe gross proceeds of the Private Placement will be used to provide operational and working capital.  The Transaction is expected to close prior to the end o...