TSX: MGO
TORONTO, Sept. 1, 2016 /CNW/ - Migao Corporation
(TSX:MGO) ("Migao" or the "Company") would like to announce an
update to its previously announced proposed acquisition by 2521416
Ontario Inc. ("Purchaser") of all of the common shares of the
Company not owned by the Purchaser or its affiliates pursuant to a
court-approved plan of arrangement under the Business
Corporations Act (Ontario)
(the "Arrangement"). Migao and the Purchaser continue to advance
the transaction and are in the process of satisfying closing
conditions and finalizing closing documentation. Migao
expects that, subject to the satisfaction of such closing
conditions and documentation, the Arrangement will close by
September 6, 2016.
Further details regarding the Arrangement can be found in the
Company's management information circular dated June 24, 2016, which is filed on the Company's
SEDAR profile at www.sedar.com and is available on the Company's
website at www.migaocorp.com.
About Migao
Migao Corporation, through its wholly owned subsidiaries, owns
and operates fertilizer production plants in various strategic
locations across China for the
production and sale of specialty potash fertilizer (potassium
nitrate and potassium sulphate) to China's agricultural market. Migao Corporation
is subject to, and complies with strict government regulations that
govern safety, quality and environmental protection. Migao's
Sichuan facility is ISO 14001
certified, an international environmental management standard.
Please visit www.migaocorp.com for further information.
Caution Regarding Forward-looking Information
Certain information set forth in this press release,
including information and statements which may contain words such
as "expects", "will" and similar expressions and statements
relating to matters that are not historical facts, contain
forward-looking statements, including but not limited to statements
regarding: the closing and the anticipated timing of closing
of the Arrangement, and the delisting of the Shares following
completion of the Arrangement. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond Migao's control. Completion of the Arrangement is
subject to a number of conditions, including receipt of approvals
required by the People's Republic of
China, and other conditions which are typical for
transactions of this nature. Failure to satisfy any of these
conditions may result in the non-completion of the Arrangement. The
foregoing list is not exhaustive. Additional information on these
and other risks that could affect completion of the Arrangement
were set forth in the information circular in respect of the
Meeting, which is available on SEDAR at
www.sedar.com. Readers are cautioned that the assumptions
used in the preparation of such information, although considered
reasonable at the time of preparation, may prove to be imprecise
and, as such, undue reliance should not be placed on
forward-looking statements. The actual results, performance or
achievement of Migao could differ materially from those expressed
in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur. Migao disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
SOURCE Migao Corporation