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Cassowary Executes Definitive Share Exchange Agreement for Proposed Qualifying Transaction and Increases Size of Concurrent Private Placement Financing
Cassowary Executes Definitive Share Exchange Agreement for Proposed Qualifying Transaction...
About this update from Western Gold Exploration Ltd.
[{"type":"text","content":"\n\n\n\nCassowary Executes Definitive Share Exchange Agreement for Proposed Qualifying Transaction and Increases Size of Concurrent Private Placement Financing\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\n\nCanada NewsWire\nCALGARY, AB, July 20, 2020\n\n\n\n/NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES.  FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS./\n CALGARY, AB, July 20, 2020 /CNW/ - Cassowary Capital Corporation Limited (TSXV: BIRD.P) (\"BIRD\" or the \"Company\") is pleased to announce that it has entered into a binding definitive share exchange agreement dated effective July 14, 2020 (the \"Definitive Agreement\") with Western Gold Exploration Limited (\"WGE\") and the holders of a majority of the outstanding shares of WGE, to provide for the completion of a business combination with the Company (the \"Transaction\"), as more particularly described below. The Transaction was initially announced in a Company press release dated June 1, 2020, indicating the Company and WGE had entered into a binding letter of intent in respect of the Transaction. The combined entity (the \"Resulting Issuer\") will continue the business of WGE and initially will be engaged in the exploration and development of prospective mineral properties located in Scotland, with a focus on gold and copper exploration and development. See \"About WGE\" below.\nConcurrent Private Placement Financing\nThe Company is also pleased to announce that due to strong demand, it intends to increase the size of its recently announced concurrent non-brokered private placement (the \"Private Placement\") to a maximum of CAD$1,650,000 worth of subscription receipts of the Company (\"Subscription Receipts\"), in order to fill such demand.  The Company announced in its June 19, 2020 press release that it proposed to undertake the Private Placement of Subscription Receipts at CAD$0.15 per Subscription Receipt (on a pre-Consolidation basis (as defined below)).  Up to a minimum of 5,200,000 Subscription Receipts and a maximum o...