Chudleigh Ventures Inc. Announces Receipt of Final TSXV Bulletin in Respect of Its Qualifying Transaction
05 May 2010 - 8:50AM
Marketwired
Chudleigh Ventures Inc. ("Chudleigh", or the "Company") (TSX
VENTURE: CLV.P) is pleased to announce that the TSX Venture
Exchange (the "Exchange") has issued a final exchange bulletin
confirming the completion of its Qualifying Transaction (the "QT")
involving the acquisition of all of the issued and outstanding
securities of Sweet Diabetic Delight Foods Inc., doing business as
Xylitol Canada ("Xylitol Canada"). The closing of the QT was
announced by press release on April 22, 2010.
It is expected that the shares of Chudleigh will recommence
trading on the Exchange on May 6, 2010 under the stock symbol
"XYL". The new symbol will only become active on the day that
trading recommences. The Company intends to change its name to
"Xylitol Canada Inc." after its next annual meeting of
shareholders. A Filing Statement dated March 30, 2010 describing
the QT and the business of the resulting issuer is available under
the Company's profile at www.sedar.com.
The Filing Statement had described an intended shares for debt
transaction pursuant to which Andrew Reid would convert $250,000 of
debt owed to him by Xylitol Canada into an aggregate of 1 million
common shares of the Company upon closing of the QT. This shares
for debt transaction was modified such that upon closing only
$45,000 of debt was converted for 180,000 common shares of the
Company. The following securities were issued in connection with
the QT: (i) 37,380,000 common shares and 340,000 incentive stock
options (having an exercise price of $0.25 and expiring on January
31, 2014) for the acquisition of Xylitol Canada; (ii) 18,040,000
common shares and 9,020,000 share purchase warrants (each entitling
the holder to acquire one common share at an exercise price of
$0.40 until April 22, 2012) for the concurrent private placement;
and (iii) an aggregate of 2.8 million incentive options to
directors and officers of the resulting issuer (each with an
exercise price of $0.25 and expiring on April 22, 2014).
The Company's goal is to become a North American-based, low
cost, high quality manufacturer of food and pharmaceutical-grade
xylitol from readily available environmentally-sustainable biomass.
Xylitol is an all natural sweetener, which contains 40% less
calories than sugar.
Neither TSX Venture Exchange Inc. nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Chudleigh Ventures Inc. Andrew Reid President and CEO
(416) 567-2331 areid2@rogers.com
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