Lakeside Announces Closing of Qualifying Transactions With Unite Capital Corp. and Canada Pacific Capital Corp.
26 June 2014 - 5:26AM
Marketwired
Lakeside Announces Closing of Qualifying Transactions With Unite
Capital Corp. and Canada Pacific Capital Corp.
TORONTO, ONTARIO--(Marketwired - Jun 25, 2014) - Lakeside
Minerals Inc. ("Lakeside") (TSX-VENTURE:LAK) is pleased to announce
that it has completed the previously announced transactions with
Unite Capital Corp. (TSX-VENTURE:UNT.P) (see press release dated
March 12, 2014) and Canada Pacific Capital Corp.
(TSX-VENTURE:CPR.H) (see press release dated April 23, 2014).
Canada Pacific Capital
Transaction
Pursuant to the terms of the subscription agreement, dated March
12 2014 (the "Subscription Agreement") between Lakeside and Canada
Pacific Capital Corp. ("Canada Pacific"), Canada Pacific subscribed
for 5,800,000 units of Lakeside (the "Lakeside Units") at a price
of $0.05 Lakeside Unit, for aggregate consideration of
approximately $290,000 in cash. Each Lakeside Unit shall consists
of one common share in the capital of Lakeside ("Lakeside Share")
and one-half of one common share purchase warrant (each, a
"Warrant") exercisable into Lakeside Shares at a price of $0.10 per
Lakeside Share at any time prior the third anniversary of issuance.
Following the purchase of the Lakeside Units by Canada Pacific,
Canada Pacific distributed the Lakeside Units, on a
pro-rata basis, to its shareholders (the "Distribution")
as a return of capital. An aggregate of 1,411,896 of the Lakeside
Shares and 700,950 of the Warrants are subject to escrow pursuant
to the policies of the Exchange and will be released from escrow in
six-month intervals over a period of three years from the closing
of the Canada Pacific transaction. The Lakeside Units distributed
to Canada Pacific's shareholders will be subject to a statutory
four month hold period. The Private Placement and subsequent
Distribution and Dissolution constitute Canada Pacific's Qualifying
Transaction pursuant to Policy 2.4 of the TSX Venture Exchange (the
"Exchange").
Unite Capital
Transaction
Unite Capital Corp. ("Unite"), a capital pool company, listed in
the TSX Venture Exchange, amalgamated (the "Amalgamation") with a
wholly-owned subsidiary of Lakeside. The Amalgamation constituted
the Qualifying Transaction of Unite, as such term is defined in the
policies of the Exchange. Lakeside issued an aggregate of 2,599,753
Lakeside Shares and 1,299,877 Warrants in exchange for the
outstanding common shares of Unite. An aggregate of 1,612,208 of
the Lakeside Shares and 806,104 of the Warrants are subject to
escrow pursuant to the policies of the Exchange and will be
released from escrow in six-month intervals over a period of three
years from the closing of the Unite transaction. All of the
outstanding stock options of Unite were cancelled on completion of
the transaction. The Unite transaction was previously described in
a press release dated April 23, 2014 and an Information Circular of
Unite in respect of the shareholders' meeting of Unite held on June
16, 2014.
Registered holders of Unite shares are requested to submit a
Letter of Transmittal (which can be accessed online under Unite's
profile at www.sedar.com or at www.lakesideminerals.com) together
with their share certificates in order to receive certificates
representing the Lakeside Shares and Lakeside Warrants to which
they are entitled as a result of the Amalgamation.
Following the completion of the Canada Pacific transaction and
the Unite transaction, Lakeside now has 24,025,216 Lakeside Shares
and 4,199,877 Warrants outstanding.
The Exchange has issued a bulletin advising that the Corporation
has met the requirements to be listed on the Exchange as a Tier 2
company.
ON BEHALF OF THE BOARD
LAKESIDE MINERALS INC.
Yannis Banks, CEO and Director
FORWARD-LOOKING STATEMENTS: Certain of the
information contained in this news release may contain
"forward-looking information". Forward-looking information and
statements may include, among others, statements regarding the
future plans, costs, objectives or performance of Lakeside Minerals
Inc. (the "Company"), or the assumptions underlying any of the
foregoing. In this news release, words such as "may", "would",
"could", "will", "likely", "believe", "expect", "anticipate",
"intend", "plan", "estimate" and similar words and the negative
form thereof are used to identify forward-looking statements.
Forward-looking statements should not be read as guarantees of
future performance or results, and will not necessarily be accurate
indications of whether, or the times at or by which, such future
performance will be achieved. Forward-looking statements and
information are based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond the
Company's control. The Company does not intend, nor does the
Company undertake any obligation, to update or revise any
forward-looking information or statements contained in this news
release to reflect subsequent information, events or circumstances
or otherwise, except if required by applicable laws.
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.
Lakeside Minerals Inc.Yannis BanksPresident and CEO(416)
777-6169ybanks@foundationmarkets.comwww.lakesideminerals.com
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