Chesstown Capital Inc. (TSX VENTURE: CHC.H) Announces the Signing of a Non-Binding Letter of Intent for Its Proposed Qualifying
December 13 2010 - 4:21PM
Marketwired
Letter of Intent
Chesstown Capital Inc. ("Chesstown") (TSX VENTURE: CHC.H) is
pleased to announce that on December 10th, 20 10, it entered into
an arm's length and non-binding letter of intent ("LOI") with Apex
Royalty Corporation ("Apex") pursuant to which Chesstown will,
subject to a number of conditions, acquire all of the issued and
outstanding shares of Apex. Apex owns an option to acquire an
undivided one hundred percent legal and beneficial interest in and
to certain mining claims located in northern Ontario (the
"Transaction").
Chesstown is a Capital Pool Company under the policies of the
TSX Venture Exchange ("TSXV") and it is intended that the
Transaction, if completed, will constitute Chesstown's Qualifying
Transaction under TSXV policies. It is anticipated that the
Resulting Issuer will meet Tier 2 listing requirements of the TSXV
for a Mining Issuer upon completion of the Transaction.
A comprehensive news release will be issued upon the reaching of
an Agreement in Principle between Chesstown and Apex.
TSXV Approval
Completion of the Transaction is subject to a number of
conditions, including but not limited to, TSXV acceptance and if
applicable pursuant to TSXV requirements, majority of the minority
shareholder approval. Where applicable, the transaction cannot
close until the required shareholder approval is obtained. There
can be no assurance that the transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative.
For Investors
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.
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 CEO 905-681-1925
bcrawford@brantcapital.ca
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