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IM Exploration Announces Definitive Agreement with Momentum Minerals
Vancouver, British Columbia - TheNewswire - June 17, 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 - June 17, 2021 - IM Exploration Inc. (CNSX:IM.CN) (“IM” or the “Company”) is pleased to announce that, further to its news release dated May 17, 2021 (the “LOI News Release”), it has entered into an amalgamation agreement (the “Amalgamation Agreement”) with Momentum Minerals Ltd. (“Momentum”), a private company headquartered in Vancouver, British Columbia, and IM’s wholly-owned subsidiary, 1307605 B.C. Ltd. (“IM Subco”), to acquire all of the issued and outstanding shares of Momentum (the “Momentum Shares”) by way of a three-cornered amalgamation (the “Transaction”). Momentum is currently earning in to a 100% ownership position in the Turquoise Canyon Property, which lies to the immediate east of IM’s Toiyabe Gold Project. See the LOI News Release for further details of Momentum’s option agreement. Raymond Harari, President and CEO of IM, commented: \"We're thrilled that we've been able to complete this important step in the Company’s growth plans, and we thank everyone involved on both sides for working so expeditiously towards our common goal of combining these two properties. We look forward to hitting the ground running and continuing to build out an exciting exploration platform in this world-class gold district.\" Summary of Proposed Transaction The Transaction will be completed by way of a three-cornered amalgamation under the Business Corporation Act (British Columbia) (the “BCBCA”) among IM, Momentum and IM Subco. Pursuant to the Transaction, Momentum will amalgamate with IM Subco and the holders of Momentum Shares will receive 0.6 of a common share of IM (each whole common share of IM, an “IM Share”) for every one Momentum Share. It is expected that approximately 19,817,400 IM Shares will be issued to the current shareholders of Momentum as consideration for all of the outstanding Momentum Shares pursuant to the amalgamation. The amalgamated company will become a wholly-owned subsidiary of IM. IM will also issue 240,000 replacement options to current Momentum option holders, allowing such holders to purchase IM Shares at a price of $0.167 until April 14, 2026. There are currently 33,029,001 Momentum Shares and 400,000 options of Momentum outstanding. No finder’s fee will be paid in connection with the Transaction. See the LOI News Release for further de...