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TORONTO, July 10, 2017 /CNW/ - MillenMin Ventures Inc. (TSX-V:MVM) ("MillenMin") is pleased to announce that it has completed its private placement offering (the "Control Placement") for common shares and subscription receipts with Bellomonte Investments Company Limited ("BICL"), a Cayman Islands company, and with three other investors (the "Other Investors"). This Control Placement was previously announced on January 27, 2017 and on July 7, 2017 and for additional information regarding the Control Placement and matters referenced in this news release, please see MillenMin's filing statement dated April 12, 2017 and updated by its news release dated July 7, 2017, which are available on SEDAR at www.sedar.com.
With the completion of the private placement of the common shares, BICL and the Other Investors together hold approximately 61.8% of MillenMin. BICL holds approximately 49.2% of MillenMin and is a "Control Person" and the Other Investors hold 2.8%, 3.9% and 5.9% of MillenMin as described in MillenMin's news releases dated January 27, 2017 and July 7, 2017 and MillenMin's filing statement dated April 12, 2017.
With the completion of the Control Placement, the board of directors of MillenMin now comprises of five members consisting of pre-existing directors, Mr. Peiwei Ni, Mr. John Paterson and Mr. Shunyi Yao, and new directors, Mr. Xu Qian and Mr. Kin Wai Siu. As well, Mr. Kin Wai Siu has been appointed as Chief Executive Officer and Mr. Lee Cham Wan as Chief Financial Officer and Corporate Secretary.
Trading of the MillenMin shares remains halted on the TSX Venture Exchange and it is expected that the trading halt will continue until submissions to the TSX Venture Exchange for the Vend-in Transaction have been completed to the satisfaction of the TSX Venture Exchange or until it determines otherwise in its discretion.
Additional information about MillenMin is available to the public on SEDAR at www.sedar.com.
Completion of the Vend-in Transaction is subject to a number of conditions, including but not limited to, contractual conditions, Exchange acceptance and applicable disinterested shareholder approvals. The Vend-in Transaction cannot close until the required shareholder approvals and applicable regulatory approvals are obtained and contractual conditions are met or waived. There can be no assurance that the Vend-in 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 MillenMin Ventures Inc. should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Neither 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.
This news release contains forward-looking statements and information that are based on the beliefs of management and reflect MillenMin's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release includes information relating to completion of the Vend-in Transaction and the Transaction. The forward-looking information is based on certain assumptions, which could change materially in the future. Such statements and information reflect the current view of MillenMin with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause MillenMin's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk that MillenMin is unable to complete the Vend-in Transaction and the Transaction, as expected or at all, the risk that the necessary directors, shareholders and regulatory approvals are not obtained or the Transaction may be terminated prior to completion, the risks associated with property development and doing business in Cuba. When relying on MillenMin's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. MillenMin has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF MILLENMIN AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE MILLENMIN MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
SOURCE MillenMin Ventures Inc.
For further information: Mr. Lee Cham Wan, +852.2511.6016