- St Charles Resources (SCRS.P) signs new agreement for qualifying transaction with Eastern Resources OOD
- St Charles UK subsidiary has agreed to purchase all of the issued and outstanding securities of Eastern Resources
- The proposed transaction will not be subject to the approval of the security holders of the company
- St Charles has not started commercial operations and has no assets other than cash
- St Charles Resources (SCRS.P) last traded at C$0.08 at market close on August 29, 2022
St Charles Resources (SCRS.P) has signed a business combination agreement with Eastern Resources OOD Eastern Resources.
The agreement hopes to acquire all of the issued and outstanding securities of Eastern Resources through St Charles UK.
In the near future, the company is anticipating the proposed transaction will constitute the qualifying transaction as defined in Policy 2.4.
The policy states, “Capital Pool companies of the corporate finance manual of the TSX Venture Exchange all currency references herein are in Canadian currency unless otherwise specified.”
Eastern Resources is a private gold exploration company incorporated under the laws of Bulgaria, with its head office located in Sofia, Bulgaria.
At the time of closing of the Proposed Transaction, the capital of Eastern Resources will consist of 35 issued and outstanding common shares.
Eastern Resources is and has been, since incorporation, focused on mineral exploration projects in Bulgaria. The company also controls 100 per cent of two epithermal gold projects in the Western Tethyan Belt.
The Resulting Issuer’s business will primarily focus on exploring the Kutel Gold Project and the Kostilkovo Gold Project and acquiring additional properties in line with its focused exploration strategy.
As for shareholders of Eastern Resources, they will receive over 33,300,000 resulting issuer shares, representing 54.92 per cent of the issued and outstanding capital of the resulting issuer, on a non-diluted basis.
As for the proposed transaction, it will not be subject to the approval of the security holders of the company.
No concurrent financing is anticipated to occur in connection with the Proposed Transaction. It is currently expected that the Resulting Issuer will continue to operate under the name “St Charles Resources Inc.”
The company has not commenced commercial operations and has no assets other than cash.
St Charles Resources is designated as a capital pool company, trading under the TSXV Policy 2.4.
The company has not commenced commercial operations and has no assets other than cash.
St Charles Resources (SCRS.P) last traded at C$0.08 at market close on August 29, 2022.
