Business
Phoenix Provides Update on Status of Transaction
TORONTO, ON / ACCESSWIRE / April 1, 2019 / Phoenix Canada Oil Company Limited (TSX-V:PCO) ("...
About this update from Zyus Life Sciences Corporation
[{"type":"text","content":"Phoenix Provides Update on Status of TransactionTORONTO, ON / ACCESSWIRE / April 1, 2019 / Phoenix Canada Oil Company Limited (TSX-V:PCO) (\"Phoenix\" or the \"Company\") is pleased to provide an update to the Company's previously announced non-binding letter of intent (\"LOI\") dated October 23, 2018 with VMedia Inc. (\"VMedia\"), a private Canadian corporation that offers telecom and broadcasting services across Canada and is a pioneer in the development of live streaming TV solutions. The LOI contemplates a statutory plan of arrangement, and the completion of the transaction will constitute a reverse takeover of the Company by VMedia (the \"Proposed Transaction\").Today, the Company and VMedia have filed the required information for the conditional approval of the Proposed Transaction by the TSXV, having (i) substantially completed due diligence, (ii) finalized the draft definitive agreement, (iii) prepared the draft information circular and (iv) prepared and finalized the draft audited financial statements (converted to IFRS for VMedia). In parallel, VMedia will be filing a submission to the Canadian Radio-television and Telecommunications Commission (\"CRTC\") for approval of the Proposed Transaction. The Company expects the halt will be lifted once the TSXV has granted conditional approval.\"Significant time and effort has been invested in the thorough and diligent preparation of the various filings. We continue to be excited about our evolving partnership with VMedia, and continue to believe that this opportunity has the ability to provide significant value for our shareholders. We remain confident that VMedia shares our corporate values, and look forward to completing the approval process,\" said Charlotte Moore-Hepburn, CEO of Phoenix.Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has in any way passed upon the merits of the Proposed Transaction and associated transactions and neither of the foregoing entities has in any way approved or disapproved of the contents of this press release. For questions, please contact:Dr. Charlotte Moore HepburnChief Executive OfficerPhoenix Canada Oil Company Limited(416) [email protected] StatementsThis news release contains \"forward-looking information\" within the meaning of applicable securities l...