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.
Additional Information
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.
Forward-Looking Statements
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.
