TORONTO, Sept. 1, 2016 /CNW/ - Migao Corporation (TSX:MGO) ("Migao" or the "Company") would like to announce an update to its previously announced proposed acquisition by 2521416 Ontario Inc. ("Purchaser") of all of the common shares of the Company not owned by the Purchaser or its affiliates pursuant to a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). Migao and the Purchaser continue to advance the transaction and are in the process of satisfying closing conditions and finalizing closing documentation. Migao expects that, subject to the satisfaction of such closing conditions and documentation, the Arrangement will close by September 6, 2016.
Further details regarding the Arrangement can be found in the Company's management information circular dated June 24, 2016, which is filed on the Company's SEDAR profile at www.sedar.com and is available on the Company's website at www.migaocorp.com.
Migao Corporation, through its wholly owned subsidiaries, owns and operates fertilizer production plants in various strategic locations across China for the production and sale of specialty potash fertilizer (potassium nitrate and potassium sulphate) to China's agricultural market. Migao Corporation is subject to, and complies with strict government regulations that govern safety, quality and environmental protection. Migao's Sichuan facility is ISO 14001 certified, an international environmental management standard. Please visit www.migaocorp.com for further information.
Caution Regarding Forward-looking Information
Certain information set forth in this press release, including information and statements which may contain words such as "expects", "will" and similar expressions and statements relating to matters that are not historical facts, contain forward-looking statements, including but not limited to statements regarding: the closing and the anticipated timing of closing of the Arrangement, and the delisting of the Shares following completion of the Arrangement. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Migao's control. Completion of the Arrangement is subject to a number of conditions, including receipt of approvals required by the People's Republic of China, and other conditions which are typical for transactions of this nature. Failure to satisfy any of these conditions may result in the non-completion of the Arrangement. The foregoing list is not exhaustive. Additional information on these and other risks that could affect completion of the Arrangement were set forth in the information circular in respect of the Meeting, which is available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Migao could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Migao disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE Migao Corporation
For further information: on Migao, please contact: Helen Lu, Chief Financial Officer, Migao Corporation, 778-375-3247, Helen.firstname.lastname@example.org