VANCOUVER, British Columbia, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Chakana Copper Corp. (the “Company”), formerly Remo Resources Inc. (TSX-V:RER), is pleased to announce completion of the acquisition (the “Transaction”) of 1098767 B.C. Ltd., formerly Chakana Copper Corp. (“Chakana”).
The Company’s common shares will resume trading on the Exchange under the new ticker symbol TSX-V: PERU after the Exchange’s conditions for listing are satisfied and the Exchange issues its final exchange bulletin confirming the completion of the Transaction. The Company’s common shares are anticipated to resume trading on January 31, 2018.
In connection with the Transaction, the Company consolidated its common shares on the basis of one post-consolidation share for each 6.865385 pre-consolidation shares (the “Consolidation”) and changed its name to “Chakana Copper Corp.” The Transaction constitutes a Reverse Takeover of the Company pursuant to Policy 5.2 – Changes of Business and Reverse Takeovers of the TSX Venture Exchange (the “Exchange”).
Going forward, the Company will be a natural resource company engaged in the acquisition, development and operation of mineral properties, with its principal focus at this stage on the Soledad Project in Peru. The Company will be an exploration stage company with no producing properties and consequently no current operating income cash flow or revenues and will not provide any products or services to third parties.
Additional information in respect of the Company’s business and the Soledad Project is available in the Company’s filing statement dated November 29, 2017; the Company’s news release dated January 22, 2018, available under the Company’s profile on www.sedar.com and on the Company’s website at www.chakanacopper.com.
In connection with the Transaction, on November 9, 2017 Chakana completed a concurrent financing of 8,602,500 common shares at a price of $0.50 per common share and 11,397,500 subscription receipts at a price of $0.50 per subscription receipt for aggregate gross proceeds of $10,000,000. Each subscription receipt was deemed exercised for one common share of Chakana immediately prior to the closing of the Transaction and the escrowed proceeds from the subscription receipt financing were released to Chakana.
The Company acquired all of the issued and outstanding shares of Chakana through a three-cornered amalgamation involving a wholly-owned subsidiary of the Company and Chakana. Pursuant to the Transaction, the Company issued to the shareholders of Chakana an aggregate of 61,476,882 common shares. With the completion of the Transaction, the Company has 62,976,882 common shares, 12,940,124 common share purchase warrants and 3,635,000 stock options outstanding.
In connection with the completion of the Transaction, the Company is pleased to announce its board of directors as follows: Douglas J. Kirwin (Chairman), David Kelley, John Black, Thomas E. Wharton, Jr. and Darren Devine. In addition, the Company is pleased to announce its executive management as follows:
- David Kelley - Chief Executive Officer and President
- Kevin Ma – Chief Financial Officer and Corporate Secretary