Vancouver, BC, Canada: Bard Ventures Ltd. ("Bard") (TSX.V: CBS) and Brakpan Ventures Corp. ("Brakpan") (CSE: BVC) are pleased to announce that further to the news releases of Bard dated May 28, 2015 and July 27, 2015, the Plan of Arrangement (the "Arrangement"), which resulted in the Grouse Mountain Property being transferred from Bard to Brakpan, closes on Monday, April 25, 2016, the "Effective Date" of the Arrangement. Brakpan common shares will commence trading on Monday, April 25, 2016, on the Canadian Securities Exchange (CSE) under the symbol "BVC".
As advised in the TSX Venture Exchange ("TSXV") Bulletin issued on April 18, 2016, purchasers of Bard common shares, through the facilities of the TSXV on or after April 21, 2016 (the "Ex-Distribution Date") will not be entitled to receive Brakpan common shares pursuant to the Arrangement.
Under the Arrangement, persons who are registered as shareholders of Bard on April 25, 2016 (the "Record and Distribution Date") will be entitled to receive one (1) common share of Brakpan for every three (3) common shares of Bard they own. Any resulting fractional shares will be cancelled.
This Arrangement provides the Bard shareholders with continued exposure to each company's potential upside, additional growth opportunities and anticipated higher capital markets valuations for the two distinct asset bases, and will allow Bard to focus its resources on the Lone Pine Molybdenum Property while Brakpan can aggressively pursue the advancement of the Grouse Mountain Property.
The Brakpan share certificates are expected to be mailed to Bard shareholders on or about April 27, 2016.
Brakpan is pleased to announce that it is undertaking a non-brokered private placement for up to 5,000,000 units (each, a "Unit") of Brakpan at a purchase price of $0.05 per Unit for gross proceeds of up to $250,000 (the "Offering"). Each Unit will be comprised of one common share in the capital of Brakpan and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of Brakpan at a price of $0.10 for a period of 24 months from the date of issuance. The Units will be subject to a four-month and one day hold period from the date of issuance in accordance with applicable Canadian securities laws. The Offering will be conducted on a best efforts basis.
The closing of the Offering is subject to receipt of all necessary regulatory and Board approvals.
The capital from the Offering will be used by Brakpan for exploration of its Grouse Mountain Property, as well as provide administrative expenses and general working capital.
BARD VENTURES LTD. & BRAKPAN VENTURES CORP.
Eugene Beukman, President
For further information please visit our website at www.bardventures.com
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
You can view the Next News Releases item: June 6, 2016, Bard Announces Corporate Update
You can view the Previous News Releases item: August 28, 2015, Corporate Update
You can return to the main News Releases page, or press the Back button on your browser.