SYMBOL - CMN.P
TORONTO, June 30 /CNW/ - Chairman Capital Corp. ("Chairman") is pleased
to provide an update on its proposed qualifying transaction that was initially
announced on February 27, 2008.
Chairman and Rockport Mining Corp. ("Rockport") have further amended the
letter of intent (the "LOI") entered into on February 19, 2008 to extend the
date of termination of the LOI from June 30, 2008 until September 30, 2008.
The amended LOI also confirmed that the private placement partially completed
by Rockport to date, will be up to 18,000,000 common shares, 7,000,000
warrants, and compensation options or warrants pursuant to such private
placements, prior to the closing of the qualifying transaction.
Chairman and Rockport also agreed that Rockport may prior to completion
of the qualifying transaction issue an additional 1,000,000 stock options
pursuant to the terms of Rockport's stock option plan.
Subject to the terms of the amended LOI, Rockport also agreed to pay
Chairman a termination fee equal to the lesser of (i) Chairman's reasonable
legal fees, disbursements and taxes incurred in connection with the qualifying
transaction, and (ii) $250,000 if the qualifying transaction has not been
completed by September 30, 2008 (subject to extension that may be agreed to by
both parties) or in certain other circumstances if the qualifying transaction
is not completed. Chairman has also agreed, subject to the terms of the
amended LOI, to pay Rockport a termination fee if the qualifying transaction
does not close solely and directly due to the fault of Chairman.
Chairman and Rockport are continuing to work towards completion of
documentation required in connection with the qualifying transaction and
Rockport is working on completing in full its previously announced private
Completion of the 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 this
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
The TSX Venture Exchange Inc. has in no way passed on the merits of this
proposed transaction and has neither approved nor disapproved the
contents of this press release.
Additional information on Chairman Capital Corp. can be found at
For further information:
For further information: Jonathan Aune, CEO, Chairman Capital Corp.,