TORONTO, Dec. 19, 2014 /CNW/ - CWN Mining Acquisition Corporation ("CWN") (TSXV: CWN.P) is pleased to announce that it has received conditional approval from the TSX Venture Exchange ("TSXV") for the closing of its Qualifying Transaction, as defined under TSXV Policy 2.4 – Capital Pool Companies ("Policy 2.4") and that further to its press release dated October 31, 2014, CWN has filed its filing statement in connection with its Qualifying Transaction (the "Filing Statement").
As previously announced, CWN entered into an option agreement dated October 31, 2014 with YES Exploration Syndicate Inc ("YES Exploration") granting CWN an option to acquire a 100% undivided interest, net of a 2% royalty reserved for YES Exploration, in certain mining claims situated in the Whitehorse Mining District, Yukon, Canada, and generally and collectively known as the "TOP Project" (the "Qualifying Transaction"). Assuming all conditions for closing are satisfied, CWN expects to close the Qualifying Transaction on or about January 5, 2015. CWN also expects to close its previously announced private placement of up to 8,000,000 common shares at a price of $0.50 per Share for aggregate proceeds of up to $4,000,000 concurrently with the closing of the Qualifying Transaction. The Filing Statement is available under CWN's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com.
CWN is a capital pool company within the meaning of Policy 2.4 of the TSXV, incorporated under the Canada Business Corporations Act with its head office in Vancouver, British Columbia. Following completion of the Qualifying Transaction, the business of CWN will be to manage and operate the TOP Project.
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, final TSXV acceptance. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in Filing Statement filed in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying 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.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the completion of the Qualifying Transaction. Although CWN believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. CWN cautions investors that any forward-looking information provided by CWN are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: CWN's ability to complete the proposed Qualifying Transaction; the state of the financial markets for CWN's equity securities; and other risks and factors that CWN is unaware of at this time. The reader is referred to CWN's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through CWN's page on SEDAR at www.sedar.com.
SOURCE: CWN Mining Acquisition Corporation
For further information: please contact Terry Wong, Chief Financial Officer at (778) 998-9168.