TORONTO, Dec. 22, 2017 /CNW/ - MillenMin Ventures Inc. (TSX-V:MVM) ("MillenMin") announces that the escrow release deadline of the subscription receipts distributed by MillenMin on July 7, 2017 has been extended from December 31, 2017 to September 30, 2018.
The subscription receipts were distributed by MillenMin in a private placement in which 241,919,000 subscription receipts at a price of $0.10 per subscription receipt were issued for gross proceeds of US$18,347,997.
The gross proceeds from the subscription receipt offering are held in escrow pending satisfaction of certain escrow release conditions including receipt of Cuban regulatory approvals required in connection with the transaction for the vend-in of the 49% interest of a Cuban joint stock company to develop a golf resort in Cuba (the "Vend-in Transaction").
As the Cuban regulatory approvals that are required to be obtained prior to the release of the escrowed proceeds are expected to take additional time and are not expected to be obtained before the current deadline, the parties agreed to extend the relevant deadlines, including in the general termination provisions in the Vend-in Agreement, to September 30, 2018. The holders of the subscription receipts have approved this extension.
Prior to this extension, if the escrow release conditions were not satisfied by December 31, 2017, the escrowed proceeds would have to be used to repurchase the subscription receipts from the subscription receipt holders for cancellation.
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.
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 the proceeds of the Subscription Receipts, the Cuban regulatory approvals, and the submissions for the Vend-in 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 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; Additional information about MillenMin is available to the public on SEDAR at www.sedar.com.