TORONTO, Jan. 24, 2012 /CNW/ - Verdant Financial Partners I, Inc. ("Verdant") (TSXV:VFI.P) is pleased to announce that it has submitted a complete package to the TSX Venture Exchange (the "Exchange") in connection with its acquisition of Upper Canada Explorations Limited ("UCEL"), previously announced on December 14, 2011. The acquisition will result in a reverse takeover of Verdant by UCEL and is intended to constitute Verdant's qualifying transaction ("Qualifying Transaction") under Policy 2.4 of the Exchange.
As a "capital pool company" pursuant to Policy 2.4 of the Exchange, Verdant was required to complete a Qualifying Transaction within 24 months from the date of its listing on the Exchange. Accordingly, effective today the shares of Verdant have been suspended from trading on the Exchange. The Exchange has given Verdant until April 23, 2012 (90 days) to complete a Qualifying Transaction. Verdant and UCEL have every reason to believe and are confident they will complete their Qualifying Transaction within that time.
About Upper Canada Explorations Limited
UCEL, a private corporation incorporated under the laws of Ontario, is a junior mining exploration and development company engaged in the acquisition, exploration and development of mineral projects in Canada. UCEL holds an undivided 100% interest in and to certain minerals claims located in the Jacobson, Riggs, Abbie Lake and David Lake Townships in Ontario's Sault Ste. Marie Mining Division of Northern Ontario consisting of a group of claims collectively known as the "Rockstar Property", and another set of claims by Abbie Lake known as "Abbie Lake Extension". In addition, UCEL has entered into an option agreement to acquire a 100% interest in certain mineral property adjacent to the Rockstar Property known as the "Rockstar Extension", and UCEL has entered into an option agreement to option a 100% interest in its minerals claims located in the Abbie Lake Township in Ontario's Sault Ste. Marie Mining Division of Northern Ontario to an arm's length mining company.
About Verdant Financial Partners I Inc.
Verdant Financial Partners I Inc. is the first in a planned series of CPCs focused on generating superior shareholder returns through the creation of unique CPCs.
COMPLETION OF THE QUALIFYING 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 THE 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 EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE PROPOSED TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE 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.
For further information:
Tom Wallace, CA, CPA, Chief Executive Officer and Chief Financial Officer
Verdant Financial Partners I Inc.
T: (647) 262-9255