TORONTO, Sept. 15, 2015 /CNW/ - Sandspring Resources Ltd.
("Sandspring") (TSXV: SSP) announces that it has acquired ownership
and control of an aggregate of 34,283,292 common shares (the
"Subject Shares") of PNO Resources Ltd. (the "Company"). The
Subject Shares were acquired by Sandspring pursuant to a
three-cornered amalgamation effected by way of a plan of
arrangement (the "Arrangement") in which the Company amalgamated
with a wholly-owned subsidiary of Sandspring and Sandspring
acquired all of the issued and outstanding common shares of the
Company from the existing holders thereof in consideration of the
issuance of one common share of Sandspring (calculated following a
1:3 share consolidation effected by Sandspring in connection with
the Arrangement) for each common share of the Company so held (such
common shares of Sandspring hereinafter collectively referred to as
the "Consideration Shares"). The Subject Shares represent
100% of the issued and outstanding common shares of the Company as
of September 11, 2015.
Upon completion of the transaction described above, Sandspring
directly owns and controls an aggregate of 34,283,292 common shares
of the Company, representing 100% of the issued and outstanding
common shares of the Company as of September
11, 2015.
The Subject Shares were acquired pursuant to the Arrangement
which did not take place through the facilities of any market for
the Company's securities. This transaction was effected for
business development purposes and Sandspring could increase or
decrease its investment in the Company at any time, or continue to
maintain its current investment position, depending on market
conditions or any other relevant factor. The Subject Shares
were acquired in consideration of the issuance of the Consideration
Shares pursuant to the Arrangement, all pursuant to the exemption
contained in Section 2.11 of National Instrument.
Additional Information
A copy of the applicable securities report filed in connection
with the matters set forth above may be obtained through
Sandspring's offices by contacting:
Richard Munson
Sandspring Resources Ltd.
9137 E. Mineral Circle, Suite 180
Centennial, Colorado 80112-3464
Tel: (720) 854-0104
Fax: (303) 643-9600
NEITHER THE TSX VENTURE EXCHANGE 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.
SOURCE Sandspring Resources Ltd.