Business
IM Exploration Announces Closing of the Acquisition of Momentum Minerals
Vancouver, British Columbia - TheNewswire - July 6, 2021 - IM Exploration Inc. (CNSX:IM.CN) (“IM” or the “Company”) is pleased to announce that, further to its
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - July 6, 2021 - IM Exploration Inc. (CNSX:IM.CN) (“IM” or the “Company”) is pleased to announce that, further to its news release dated June 16, 2021, it has completed the acquisition of Momentum Minerals Ltd. (“Momentum”) pursuant to the terms of the amalgamation agreement dated June 16, 2021 (the “Amalgamation Agreement”) among the Company, IM’s wholly-owned subsidiary, 1307605 B.C. Ltd. (“IM Subco”) and Momentum (the “Transaction”). The Transaction was completed by way of a three-cornered amalgamation under the Business Corporation Act (British Columbia) among IM, Momentum and IM Subco. Pursuant to the Transaction, Momentum amalgamated with IM Subco and the holders of shares of Momentum (the “Momentum Shares”) received 0.6 of a common share of IM (each whole common share of IM, an “IM Share”) for every one Momentum Share. The Company issued 19,817,400 IM Shares to the current shareholders of Momentum as consideration for all of the outstanding Momentum Shares pursuant to the amalgamation. The amalgamated company became a wholly-owned subsidiary of IM. IM also issued 240,000 replacement options to a current Momentum option holder, allowing such holder to purchase IM Shares at a price of $0.167 until April 14, 2026. No finder’s fee was paid in connection with the Transaction. In connection with the completion the Transaction, the Company is pleased to announce the appointment of Colin Moore as President of the Company. Raymond Harari has resigned from his position as President of the Company, effective as of the closing of the Transaction. Mr. Harari will continue to act as the Chief Executive Officer of the Company. Colin Moore is a corporate finance professional with 14 years of experience in mining and natural resources; he was a co-founder and director of Momentum Minerals. Prior to that he worked on the investment team at Pacific Road Capital in Vancouver, and as a Vice President at Waterton Global Resource Management in Toronto. He also worked as an investment banker at Bank of Montreal in their Metals and Mining group in Toronto. Mr. Moore holds a Bachelor of Science in Mining Engineering and an MBA, both from Queen's University in Kingston, Ontario. The Company also announces that it has engaged Peak Investor Marketing Corp. (“Peak Inve...