TORONTO, Jan. 24, 2012 /CNW/ - Verdant Financial Partners I, Inc. ("Verdant") (TSXV:VFI.P) is pleased to announce that it has submitted a complete
package to the TSX Venture Exchange (the "Exchange") in connection with its acquisition of Upper Canada Explorations
Limited ("UCEL"), previously announced on December 14, 2011. The acquisition will
result in a reverse takeover of Verdant by UCEL and is intended to
constitute Verdant's qualifying transaction ("Qualifying Transaction") under Policy 2.4 of the Exchange.
As a "capital pool company" pursuant to Policy 2.4 of the Exchange,
Verdant was required to complete a Qualifying Transaction within 24
months from the date of its listing on the Exchange. Accordingly,
effective today the shares of Verdant have been suspended from trading
on the Exchange. The Exchange has given Verdant until April 23, 2012
(90 days) to complete a Qualifying Transaction. Verdant and UCEL have
every reason to believe and are confident they will complete their
Qualifying Transaction within that time.
About Upper Canada Explorations Limited
UCEL, a private corporation incorporated under the laws of Ontario, is a
junior mining exploration and development company engaged in the
acquisition, exploration and development of mineral projects in Canada.
UCEL holds an undivided 100% interest in and to certain minerals claims
located in the Jacobson, Riggs, Abbie Lake and David Lake Townships in
Ontario's Sault Ste. Marie Mining Division of Northern Ontario
consisting of a group of claims collectively known as the "Rockstar
Property", and another set of claims by Abbie Lake known as "Abbie Lake
Extension". In addition, UCEL has entered into an option agreement to
acquire a 100% interest in certain mineral property adjacent to the
Rockstar Property known as the "Rockstar Extension", and UCEL has
entered into an option agreement to option a 100% interest in its
minerals claims located in the Abbie Lake Township in Ontario's Sault
Ste. Marie Mining Division of Northern Ontario to an arm's length
About Verdant Financial Partners I Inc.
Verdant Financial Partners I Inc. is the first in a planned series of
CPCs focused on generating superior shareholder returns through the
creation of unique CPCs.
COMPLETION OF THE QUALIFYING 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 MANAGEMENT
INFORMATION CIRCULAR OR FILING STATEMENT TO BE 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. TRADING IN THE SECURITIES OF A CAPITAL POOL COMPANY SHOULD
BE CONSIDERED HIGHLY SPECULATIVE.
THE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED
TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF
THIS PRESS RELEASE. NEITHER THE 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
SOURCE Verdant Financial Partners I Inc.
For further information:
Tom Wallace, CA, CPA, Chief Executive Officer and Chief Financial Officer
Verdant Financial Partners I Inc.
T: (647) 262-9255