VANCOUVER, British Columbia , Dec. 05, 2017 (GLOBE NEWSWIRE) -- Remo Resources Inc. (TSX-V:RER) (the “Company” or “Remo”), is pleased to announce that its Filing Statement dated as of November 29, 2017 has been filed on SEDAR and may be viewed under the Company’s profile at www.sedar.com. The Filing Statement describes the Company’s proposed reverse takeover (the “Transaction”) with Chakana Copper Corp. (“Chakana”).
The Company has received conditional approval of the TSX Venture Exchange (the “Exchange”) to complete the Transaction, subject to closing of the Transaction by not later than February 28, 2018 and completion of certain other filings. The Transaction will constitute a Reverse Takeover of Remo pursuant to Policy 5.2 – Changes of Business and Reverse Takeovers of the Exchange.
Completion of the Transaction remains subject to a number of conditions, including final approval of the Exchange and the approval of the shareholders of the Company and Chakana. The Company will be seeking shareholder approval of the Transaction by written consent. Chakana shareholders will consider the Transaction at a special meeting to be held on December 8, 2017.
The shares of the Company were halted effective October 5, 2017 and will remain halted until the completion of the Transaction. On closing of the Transaction, the Company will change its name to “Chakana Copper Corp.” and is expected to resume trading on the Exchange under the symbol “PERU”.
Additional information concerning the Transaction, Remo and Chakana is provided in the Company’s Filing Statement.
For further information please contact Stephen Kenwood at (604) 638-8063
ON BEHALF OF THE BOARD
(signed) “Stephen Kenwood”
Stephen Kenwood
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange 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 Filing Statement 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.
The Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
This news release contains forward-looking statements relating to the timing and completion of the Transaction and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's and Chakana’s expectations include the failure to satisfy the conditions to completion of the Transaction and other risks detailed from time to time in the filings made by the Company and Chakana with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company and Chakana. As a result, the Company and Chakana cannot guarantee that the Transaction will be completed on the terms and within the time disclosed herein or at all. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and neither the Company nor Chakana intends to update any of the included forward-looking statements except as required by Canadian securities laws.
REMO RESOURCES INC.
1430-800 West Pender Street, Vancouver, BC V6C 2V6
Telephone: (604) 638-8063; Fax: (604) 648-8105