SYMBOL - CMN.P
TORONTO, March 2 /CNW/ - Chairman Capital Corp. ("Chairman") announced today that the listing of Chairman's common shares has been transferred to the NEX, effective on February 26, 2010. This transfer was required under the TSXV policies due to the fact that Chairman had not completed its qualifying transaction by the deadline established by the TSXV. The 666,667 Chairman "seed capital" shares which were held in escrow for certain officers and directors of Chairman have been cancelled and as a result the issued shares of Chairman have been reduced to 1,000,000 shares. The transfer of the listing of the shares of Chairman to the NEX was approved by Chairman shareholders at the special meeting of shareholders held on January 22, 2010.
Chairman further announced that Chairman and Longreach Oil and Gas Ventures Ltd. ("Longreach") have entered into a Letter Extension Agreement extending the time for completion of the previously announced proposed qualifying transaction between Longreach and Chairman until April 30, 2010. Chairman does not anticipate that the transfer of the listing of Chairman's shares to the NEX will adversely affect the previously announced transaction with Longreach.
Chairman's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Toronto to NEX. As of February 26, 2010, Chairman is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies. The trading symbol for Chairman will change from CMN.P to CMN.H. There is no change in the Company's name or CUSIP number and no consolidation of capital as a result of the transfer to NEX. The symbol extension differentiates NEX symbols from Tier 1 or Tier 2 symbols within the TSX Venture market.
Trading in the shares of Chairman will remain suspended.
Statements in this press release regarding Longreach's and Chairman's businesses which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as terms and completion of the proposed transaction. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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 highly speculative.
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.
ON BEHALF OF THE BOARD
CHAIRMAN CAPITAL CORP.
Jonathan Aune, CEO
Additional information on Chairman Capital Corp. can be found at www.sedar.com
SOURCE CHAIRMAN CAPITAL CORP.
For further information: For further information: Jonathan Aune, CEO, Chairman Capital Corp., (416) 361-1448