CALGARY, May 19, 2020 /CNW/ - INTERBIT
LTD. (TSX Venture: IBIT) (the "Company") announces
that its Annual and Special Meeting (the "Shareholders") for
holders (the "Shareholders") of its common shares
("Common Shares") is to be held on Wednesday, June 24, 2020 at 9:00 a.m. (Calgary time) / 11:00
a.m. (Toronto time). Due to
the uncertain public impact of the coronavirus outbreak (COVID-19)
and in consideration of the health and safety of Shareholders and
the broader community, this Meeting will be held in a virtual
meeting format only, by way of a live webcast. Shareholders will be
able to listen, participate and vote at the Meeting in real time
through a web-based platform instead of attending the Meeting in
person.
Amongst annual meeting matters, at the Meeting, Shareholders
will be asked to consider the recently proposed "Change of
Business" transaction ("COB Transaction") of the Company
with the result that the Company will become a Tier 2 mining issuer
on the TSX Venture Exchange, and a related consolidation and name
change.
"The Company is proposing this "Change of Business" to the
mining sector in an effort to maximize shareholder value and
deliver exceptional returns to our Shareholders over the next 3-5
years by taking advantage of the unique set of circumstances that
management and the Board expects will develop in the gold and other
metals markets resulting from government responses to current
challenges through the issuance of debt and printing of money,"
said Brian Hinchcliffe, Executive
Chairman and CEO of the Company. "Management is very experienced in
the mining sector and has previously acquired and developed mining
assets in times of geopolitical opportunity."
The Company also announces today the filing and publication of
its Management Information Circular (the "Circular") issued
in connection with the Meeting, and which sets forth the full
details of the COB Transaction. A copy of the Circular can be
obtained from the Company`s SEDAR profile at www.sedar.com and
on the Company`s website at www.interbit.io.
The Meeting can be accessed by logging in online at
https://web.lumiagm.com/246531120. As detailed in the Circular,
registered Shareholders and duly appointed proxyholders who
participate in the Meeting online will be able to listen to the
Meeting, ask questions and vote, all in real time, provided that
they are connected to the internet. In all cases, Shareholders must
follow the instructions set out in their applicable proxy or voting
instruction forms. Shareholders can vote by proxy in advance of the
Meeting as in prior years. Guests can listen to the Meeting but
will not be able to communicate or vote. Additional information
regarding Shareholder participation in the Meeting (including
voting instructions) may be found in the Circular. Additionally,
detailed instructions for Shareholders to participate in the
Meeting are provided in the Company's Virtual AGM User Guide
available on the Company`s website at www.interbit.io and from
the Company`s SEDAR profile at www.sedar.com.
If you have questions regarding your ability to participate or
vote at the Meeting, please contact the Company's registrar and
transfer agent, Computershare at 1-800-564-6253 or direct, from
outside of North America at
1-514-982-7555.
Further Information
The Company will issue additional press releases related to
other material information as it becomes available.
Investors are cautioned that, except as disclosed in the
Circular prepared in connection with the COB Transaction, any
information released or received with respect to the acquisition
may not be accurate or complete and should not be relied upon.
Trading in the securities of the Company should be considered
highly speculative.
Completion of the COB Transaction is subject to a number of
conditions, including but not limited to acceptance by the Exchange
and if applicable pursuant to the Exchange requirements, majority
of the minority shareholder approval. Where applicable, the COB
Transaction cannot close until the required shareholder approval is
obtained. There can be no assurance that the COB Transaction will
be completed as proposed or at all.
ABOUT THE COMPANY
The Company owns proprietary technologies and is listed on the
TSX Venture Exchange.
The Exchange has in no way passed upon the merits of the
COB Transaction and has neither approved nor disapproved the
contents of this news release. Neither the Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in this release are forward-looking
statements, which include, completion of the proposed COB
Transaction, receipt of requisite approvals for the COB
Transaction, the completion of each of the proposed consolidation
and name change, favorable gold and metals markets, success in the
exploration of gold or other metals, and other information
concerning the intentions, plans and future action of the Company
described herein, and other matters. Forward-looking
statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such information can generally be
identified by the use of forwarding-looking wording such as "may",
"expect", "estimate", "anticipate", "intend", "believe" and
"continue" or the negative thereof or similar variations. Readers
are cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the plans, intentions
or expectations upon which they are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties, both general and
specific, that contribute to the possibility that the predictions,
estimates, forecasts, projections and other forward-looking
statements will not occur. These assumptions, risks and
uncertainties include, among other things, the state of the economy
in general and capital markets in particular, that the Exchange may
not accept the COB Transaction for any reason whatsoever, the
inability to obtain approval of any third parties or shareholders,
as required to complete the COB Transaction; the inability of the
Property to satisfy Initial Listing Requirements (as defined in
Exchange Policy 1.1, as well as those risk factors discussed or
referred to in the Company's annual Management's Discussion and
Analysis for the year ended December 31,
2019 available at www.sedar.com, many of which are beyond
the control of the Company. Forward-looking statements contained in
this press release are expressly qualified by this cautionary
statement.
The forward-looking statements contained in this press
release are made as of the date of this press release. Except
as required by law, the Company disclaims any intention and assumes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE INTERBIT LTD.