Chesstown Capital Inc. (TSX VENTURE: CHC.H) Announces the Termination of Its Agreement in Principle
October 18 2010 - 8:49AM
Marketwired
On March 8, 2010, Chesstown Capital Inc. (TSX VENTURE:
CHC.H)("Chesstown") announced that it entered into an Agreement in
Principle with Canadian Star Minerals Limited ("CSML") pursuant to
which Chesstown would, subject to a number of conditions, acquire
certain assets of CSML (the "Transaction"). Chesstown is a Capital
Pool Company under the policies of the TSX Venture Exchange
("TSXV") and it was intended that the Transaction, if completed,
would constitute Chesstown's Qualifying Transaction under TSXV
policies.
The Agreement in Principle, after two extensions, expired on
October 15, 2010, and Chesstown hereby announces that it has chosen
not to further extend the Agreement in Principle. As a result,
Chesstown will not proceed with the Transaction, and the sale of
Chesstown shares referred to in Chesstown's press release of
February 8, 2010 will not proceed.
Chesstown continues to examine opportunities that could qualify
as its Qualifying Transaction and enhance shareholder value.
This press release may include statements about expected future
events and/or financial results that are forward-looking in nature
and subject to risks and uncertainties. Chesstown cautions that
actual performance will be affected by a number of factors, many of
which are beyond its control. Future events and results may vary
substantially from what Chesstown currently foresees. Discussion of
the various factors that may affect future results is contained in
Chesstown's recent filings, available on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of this
release.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
Contacts: Chesstown Capital Inc. Brian Crawford Chairman and CEO
905-681-1925 bcrawford@brantcapital.ca
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