TORONTO, July 31, 2013 /CNW/ - Everfront Ventures Corp. ("Everfront") (TSXV: EVC.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 (the "CPC Policy") and that further to its press release dated October 17, 2012,
Everfront has filed its filing statement in connection with its
Qualifying Transaction (the "Filing Statement").
As previously announced, Everfront's Qualifying Transaction involves the
purchase by Everfront, pursuant to an amalgamation agreement dated
October 12, 2012 (the "Amalgamation Agreement") with Canagco Mining Corp. ("Canagco"), of all of the outstanding common shares of Canagco by way of a three
cornered amalgamation among Everfront, Canagco and a wholly owned
subsidiary ("Subco") of Everfront to be incorporated under the laws of the Province of
Ontario for the purposes of the Qualifying Transaction.
Assuming all conditions for closing are satisfied, Everfront expects to
close the Qualifying Transaction on or about October 17, 2013. Upon
completion of the proposed Qualifying Transaction, Everfront is
expected to meet all of the minimum listing requirements for a Tier II
mining issuer on the TSXV. The Filing Statement is available under
Everfront's profile on SEDAR at www.sedar.com.
Following completion of the Qualifying Transaction, the business of
Everfront will be to manage and operate the business of Canagco.
Canagco is an exploration stage mining company and its current
principal mineral project is the Langis Silver Project which consists
of 35 patented contiguous mining claims located in Casey and Harris
Townships in Ontario's famed Cobalt Silver Mining Camp, which has seen
historical production of some 500,000,000 ounces of silver from
numerous mines. The property is located approximately 500 kilometres
north of Toronto. The Langis Project includes the past-producing
Langis and Dolphin-Miller silver-cobalt deposits.
Everfront Ventures Corp.
Everfront Ventures Corp. is a capital pool company listed on the TSXV.
Everfront was established pursuant to the CPC Policy which permits an
initial public offering and a TSXV listing by a newly created company
that has no assets, other than cash, and has not commenced commercial
operations. Prior to entering the Amalgamation Agreement, the principal
business of Everfront has been the identification and evaluation of
assets with a view to completing a Qualifying Transaction.
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
The TSXV has in no way passed upon the merits of the proposed Qualifying
Transaction and has neither approved nor disapproved the contents of
this press release. Neither the 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 Everfront 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. Everfront cautions
investors that any forward-looking information provided by Everfront
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:
Everfront's ability to complete the proposed Qualifying Transaction;
the state of the financial markets for Everfront's equity securities;
the state of the market for minerals that may be produced generally by
Everfront in the event the Qualifying Transaction is completed; recent
market volatility; Everfront's ability to raise the necessary capital
or to be fully able to implement its business strategies; and other
risks and factors that Everfront is unaware of at this time. The reader
is referred to Everfront'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 Everfront's page on SEDAR at www.sedar.com.
SOURCE: Everfront Ventures Corp.
For further information:
Joshua Gerstein at (416) 479-8623.