Bluefire Mining Corp. Proposes Change of Business to an Investment Issuer
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/03/16 -- Bluefire Mining Corp. (TSX VENTURE: BFM) ("Bluefire" or the "Company"), is pleased to announce that it is proposing a change of business to become an Investment Issuer.
Summary of Proposed Change of Business
The Company intends to transition to an investment issuer specifically focused on providing royalty financing to private businesses operating outside of the natural resource and commodity sectors. The Company''s objective is to build a diversified portfolio of cash-flowing royalty investments.
Change in Management and Board of Directors
In connection with the proposed change of business, the Company has recruited a number of individuals with extensive experience in acquiring, operating, investing and selling private and public companies. The new composition of the Company''s senior management and board of directors is as follows:
Chris Buss has resigned as President and CEO, Jason Tong has resigned as Chief Financial Officer and Jeff Tyson, Dan Gleadle and Robert Blair, have resigned from their respective director positions. The Company would like to extend its gratitude to Mr. Tong, Mr. Tyson, Mr. Gleadle and Mr. Blair for their services.
Private Placement
In connection with the change of business, the Company will complete a non-brokered private placement financing of units at a price of C$0.05 per unit to raise gross proceeds of approximately C$845,000. Each unit will consist of one common share and one transferable warrant exercisable to purchase an additional common share at a price of C$0.10 for a period of five years.
The Company will use the proceeds of the private placement to fund the search for royalty transactions.
Name and Trading Symbol Change
The Company intends to change its name to "Royalty North Partners Ltd." or such other name as the Board may determine is appropriate and select a corresponding trading symbol at the time of the formal name change, subject to TSX-V approval.
Other Information
Completion of the change of business is subject to a number of conditions, including TSX-V acceptance and shareholder approval. The Company intends to obtain shareholder approval by the written consent of shareholders holding, in aggregate, greater than 50% of the Company''s outstanding shares.
There can be no assurance that the change of business will be completed as proposed or at all. Investors are cautioned that, except as disclosed by the Company, any information released or received with respect to the change of business may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed change of business and has neither approved nor disapproved the contents of this press release.
On behalf of the Company,
Chris Buss, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the United States Securities Act of 1933 and applicable state securities laws or an exemption from such registration is available.
Forward-Looking Statements: Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the private placement and the proposed change of business. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements, including, the risks and uncertainties related to the private placement and the proposed change of business not being completed and the required TSX-V and shareholder approvals not being obtained. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the private placement and the proposed change of business will proceed and be completed as planned; and required TSX-V and shareholder approvals will be obtained. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Contacts:
Bluefire Mining Corp.
Chris Buss
President and CEO
(604) 628-1101
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Datum: 03.02.2016 - 10:47 Uhr
Sprache: Deutsch
News-ID 1413080
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