(TSX Venture Exchange: GCCC)
GCC GLOBAL CAPITAL CORPORATION
PRESS RELEASE
Announces Related Party Loan
March 07, 2019
VANCOUVER, British Columbia, March 07, 2019 (GLOBE NEWSWIRE) -- GCC Global Capital Corporation (TSXV: GCCC) (the “Company”) is pleased to announce that it has entered into a loan agreement (the “Loan Agreement”) to borrow up to a maximum amount of $1,000,000 (the “Loan”) from Jiu Fa Investments Ltd. (the “Lender”). The principal amount of the Loan under the Loan Agreement shall bear interest at a rate of 12.0% per annum and the Loan shall mature on the earlier of: (i) February 28, 2021; or (ii) the date that Metath Investment Co., Ltd. ceases to own, or have control or direction over, common shares of the Company (“Common Shares”) representing at least 20% of the issued and outstanding Common Shares.
The Lender has provided an initial advance to the Company under the Loan Agreement in the aggregate amount of $50,000. Further amounts may be advanced during the term of the Loan in such amounts and at such times as agreed to by the Lender and the Company, up to the maximum amount of the Loan. Amounts outstanding under the Loan will be represented by a grid promissory note issued by the Company in favour of the Lender.
The Company intends to use the proceeds of the Loan to fund its operations and for general and administrative expenses.
Mr. Huijun Wang, a director and the Chief Executive Officer of the Company, is also the President of the Lender. Accordingly, the Loan is considered a related party transaction under the policies of the TSX Venture Exchange (the “TSXV”) and Mr. Wang abstained from voting on the Loan in his capacity as a director of the Company.
The Company is exempt from the formal valuation requirement under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) as its Common Shares are listed for trading on the TSXV. The Company is also exempt from the minority approval requirement under MI 61-101 as the Loan has been provided on reasonable commercial terms that are not less advantageous to the Company than if it were obtained from an arm’s length party. Further, the Loan is not convertible into or repayable in securities of the Company.
The Company did not file a material change report more than 21 days before the expected closing of the Loan, as the details of the Loan were not finalized until immediately prior to the closing and the Company wished to close the transaction as soon as practicable for sound business reasons.
About GCC Global Capital Corporation
GCC Global Capital Corporation is listed on the TSX Venture Exchange as an Investment Issuer. The Company focuses on the real estate, natural resources and high tech industries.
For further information please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Neither the 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.
Cautionary Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the use of proceeds of the Loan. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material factors and assumptions include the cost of operations and the availability of future capital. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: the need to obtain additional financing to continue operations and uncertainty as to the availability and terms of future financing; changes in tax laws; general economic and business conditions; and changes in regulations. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Announces Appointment of New Director
December 31, 2018
Vancouver, British Columbia--(Newsfile Corp. - December 31, 2018) - GCC Global Capital Corporation (TSXV: GCCC) (the "Company") is pleased to announce the appointment of Ms. Qianying Zhou to its Board of Directors effective today. Ms. Zhou has over ten years of working experience in financial services. Ms. Zhou is currently holding a Senior Account Manager position with Business Development Bank of Canada and provides financing and advisory services to technology companies in the west coast of Canada. Between 2015 and 2017, Ms. Zhou worked with PricewaterhouseCooper LLP as Corporate Finance Manager. From July 2014 to September 2015, Ms. Zhou worked with London Life-Great-west Lifeco Inc as Financial Security Advisor. From 2008 to 2012, Ms. Zhou worked with Royal Bank of Canada as Senior Account Manager. Ms. Zhou holds a Bachelor of Commerce degree from the University of British Columbia in Vancouver British Columbia and she is also a CFA (Chartered Financial Analyst) charter holder.
About GCC Global Capital Corporation
GCC Global Capital Corporation is listed on the TSX Venture Exchange as an Investment Issuer. The Company focuses on Real Estate, Natural Resources and High-Tech industries.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact AndrewLiu, Chief Financial Officer at (778) 389-9960.
Announces Completion of Second Investment
July 30, 2018
Vancouver, British Columbia--(Newsfile Corp. - July 30, 2018) - GCC Global Capital Corporation (TSXV: GCCC) (the "Company") is pleased to announce that it has purchased, on the secondary market, the trust units of three real estate investment trusts listed on the Toronto Stock Exchange for an aggregate purchase price of $249,982 (collectively, the "Investments"). Pursuant to the Investments, the Company acquired: (1) 5,200 trust units of Artis Real Estate Investment Trust at a price per trust unit of $13.33; (2) 5,400 trust units of Cominar Real Estate Investment Trust at a price per trust unit of $12.94; and (3) 5,400 trust units of H&R Real Estate Investment Trust at a price per trust unit of $20.51.
The Company received final approval of the TSX Venture Exchange (the "Exchange") for the Investments on July 24, 2018 and the Investments constitute the Company's second investment as required pursuant to the undertaking provided to the Exchange in connection with the Company's change of business completed on January 2, 2018. Each of the Investments was an "arm's length transaction" for the purposes of the TSX Venture Exchange.
About GCC Global Capital Corporation
GCC Global Capital Corporation is listed on the TSX Venture Exchange as an Investment Issuer. The Company focuses on the real estate, natural resources and high tech industries.
For further information please contact AndrewLiu, Chief Financial Officer at (778) 389-9960.
Neither the 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.
Announces Resignation of VP Real Estate
July 23, 2018
Vancouver, British Columbia--(Newsfile Corp. - July 23, 2018) - GCC Global Capital Corporation (TSXV: GCCC) (the "Company") announces the resignation of Mr. Zhanji Yang from his position as Vice President Real Estate of the Company. Mr. Zhanji Yang informed the Board of his decision to step down to pursue other business opportunities. The Company would like to thank Mr. Zhanji Yang for his outstanding work for the Company and offer our best wishes for his future success.
About GCC Global Capital Corporation
GCC Global Capital Corporation is listed on the TSX Venture Exchange as an Investment Issuer. The Company focuses on Real Estate, Natural Resources and High Tech industries.
For further information, please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Announces Resignation of Director
April 13, 2018
Vancouver, British Columbia--(Newsfile Corp. - April 13, 2018) - GCC Global Capital Corporation (TSXV: GCCC) (the "Company") announces the resignation of Mr. Wei Zhang from his position as Director of the Board of Directors of the Company. Mr. Wei Zhang informed the Board of his decision to step down to pursue other business opportunities. The Company would like to thank Mr. Wei Zhang for his outstanding work for the Company and offer our best wishes for his future success.
About GCC Global Capital Corporation GCC Global Capital Corporation is listed on the TSX Venture Exchange as an Investment Issuer. The Company focuses on Real Estate, Natural Resources and High Tech industries.
For further information, please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Announces Appointment of New Chief Executive Officer, New Director and VP Real Estate
February 19, 2018
Vancouver, British Columbia--(Newsfile Corp. - February 19, 2018) - GCC Global Capital Corporation (TSXV: GCCC) (the "Company") today is pleased to announce the appointment of Mr. Huijun Wang as Chief Executive Officer (CEO) and director the Company effective immediately. Mr. Wang previously served as VP Investment of the Company. Mr. Huijun Wang currently services as officer and/or director of various real estate development and management companies in Canada. Mr. Huijun Wang holds a Bachelor's Degree of Information Technology from Handan University and Associate Degree in Law from Hebei Administrative Institute of Public and Law.
Mr. Wei Zhang has resigned from his position as Chief Executive Officer of the Company. Mr. Wei Zhang informed the Board of his decision to step down to pursue other business opportunities. Mr. Wei Zhang will continue to serve as a director of the Company. Mr. Wei Lin informed the Board of his decision to resign as a director of the Company effective immediately. We would like to thank Mr. Wei Zhang and Mr. Wei Lin for their outstanding work for the Company and offer our best wishes for their future success.
The Company is pleased to announce the appointment of Mr. Zhanji Yang as VP Real Estate of the Company effective immediately. From 1985 to 2016, Mr. Zhanji Yang held senior roles in the comprehensive development of Shenzhen and was responsible for the strategic planning and implementation in the areas of geoscience, urban planning and land resources, urban management and urban renewal. Mr. Zhanji Yang holds a PhD degree from Hong Kong Polytechnic University and Master and Bachelor degrees inGeodesy from Wuhan University (formerly, Wuhan Institute of Surveying and Mapping).
Mr. Zhanji Yang's appointment is subject to approval by the TSX Venture Exchange.
About GCC Global Capital Corporation
GCC Global Capital Corporation is listed on the TSX Venture Exchange as an Investment Issuer. The Company focuses on Real Estate, Natural Resources and High Tech industries.
For further information, please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release
Announces Completion of Initial Investment and Change of Business, an Update on Name and Ticker Symbol Change, and New Director
January 2, 2018
FOR IMMEDIATE RELEASE
January 2, 2018 (Vancouver, British Columbia): CWN Mining Acquisition Corporation (the “Company”) (TSXV: CWN) is pleased to announce that it has closed its previously announced acquisition of a 28.57% interest in the issued and outstanding shares of New Age Developments Ltd. (formerly 2018334 Alberta Ltd.) (the “Initial Investment”). The Initial Investment constitutes a change of business of the Company from a Tier 2 Mining Issuer to a Tier 2 Investment Issuer (the “Change of Business”).
Initial Investment
The Initial Investment was completed pursuant to a purchase and subscription agreement (the “Agreement”) among the Company, New Age Developments Ltd. (“New Age”) and the former sole shareholder of New Age, Hong Kong Shing Chi City Holdings Limited (“HK Holdings”). Under the terms of the Agreement, the Company purchased 1,000,000 common shares in the capital of New Age (the “New Age Shares”) from HK Holdings and subscribed for an additional 100,000 New Age Shares directly from New Age, in each case at $1.00 per New Age Share for an aggregate investment and subscription amount of $1,100,000. The 1,100,000 New Age Shares held by the Company represent 28.57% of the issued and outstanding New Age Shares, with the remaining 2,750,000 being held by HK Holdings.
New Age’s sole asset is the land and improvements located at 4401 Macleod Trail, Calgary, Alberta, which is comprised of 35,884 square feet of land and a 939 square foot vacant log structure (the “Property”). New Age acquired the Property on March 31, 2017 for an aggregate purchase price of $3,750,000, and the New Age Shares issued to the Company under the Agreement are priced at the same valuation. The Company intends to explore the development opportunities for the Property with HK Holdings. As New Age holds no other asset other than the Property, the Company and HK Holdings may also elect to hold their investment in New Age and the Property for long term capital gains. Name Change and Ticker Symbol Change The Company’s shares are currently halted in connection with the Change of Business, and it is expected that trading will resume on January 3, 2018 at which time the Company will be classified as a Tier 2 Investment Issuer on the TSX Venture Exchange, will change its name to “GCC Global Capital Corporation” and will trade under a new ticker symbol, “GCCC”.
Further details regarding the Initial Investment and the Change of Business are included in the Filing Statement of the Company dated November 24, 2017, which is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
New Director
The Company is pleased to announce that Mr. Michael G. Wang has joined the Board of Directors of the Company. Mr. Michael Wang has over twenty years of working experience in the financial services and technology sectors. Mr. Wang is currently a Director at Royal Bank of Canada, private banking and wealth management department. Michael and his team provide financial and business advice and structure financial solutions for RBC High Net Worth private banking clients. Prior to the current role, between 2016 and 2017, Mr. Michael Wang was the Managing Director, Head of Corporate banking at China Construction Bank in Toronto. Mr. Michael Wang and his team cover both Canadian and Chinese corporate clients across different industries. Mr. Michael Wang leads the corporate banking department to develop the bank’s Canadian investment/corporate banking market. From 2006 to 2016, Mr. Michael Wang worked at different positions at Royal Bank of Canada, including RBC Capital Markets and RBC enterprise strategy. Mr. Michael Wang worked in the technology sector in various positions, from engineer to senior management roles, across European, North America and Asian markets. Mr. Michael Wang holds a bachelor’s degree of Engineering and gained his MBA from Queen’s University in Kingston, Ontario. Michael is a CFA (Chartered Financial Analyst) charter holder.
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.
For further information please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the Company’s plans for its investment in New Age and the Property. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Announces Filing of Filing Statement
December 05, 2017
FOR IMMEDIATE RELEASE
December 5, 2017 (Vancouver, British Columbia): CWN Mining Acquisition Corporation (the “Company”) (TSXV: CWN) is pleased to announce that it has filed its filing statement (the “Filing Statement”) in connection with the Company’s proposed change of business and proposed acquisition of a 28.57% interest in the issued and outstanding shares of New Age Developments Ltd. (formerly 2018334 Alberta Ltd.) (collectively, the “Transaction”).
Closing of the Transaction is expected to occur on or about December 19, 2017. Concurrently with the closing of the Transaction, the Company anticipates that it will change its name from “CWN Mining Acquisition Corporation” to “GCC Global Capital Corporation” (the “Name Change”). Completion of the Transaction and the Name Change are subject to a number of conditions, including but not limited to, the approval of the TSX Venture Exchange.
Further details regarding the Transaction and the Name Change are included in the Filing Statement, which is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
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.
For further information please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated timing for closing of the Transaction and the completion of the Name Change. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Announces Proposed Change of Business to Investment Issuer
April 24, 2017
FOR IMMEDIATE RELEASE
Vancouver, BC / April 24, 2017 - CWN Mining Acquisition Corporation (TSX Venture: CWN) (the “Company”) is pleased to announce that it is proposing a change of business from a Tier 2 Mining Issuer to a Tier 2 Investment Issuer (the "Proposed COB") within the meaning of such terms in the policies of the TSX Venture Exchange (the “Exchange” or “TSXV”).
Trading Halt
Trading in the Company’s Common Shares has been halted effective today and will remain halted until the applicable Exchange requirements are met.
Summary of the Proposed COB
In light of the current state of the junior mineral exploration and mining sector and given the expertise and skill sets of the members of the Board of Directors and Management, the Management and Board of the Company believe that the ideal allocation of the Company's working capital would be within the framework of an investment company, while maintaining a limited number of mineral projects for direct exploration activities. For those reasons, the Management and Board have proposed that the Company complete the Proposed COB.
Following the completion of the Proposed COB, the Company proposes to make a change to its Board of Directors. Mr. Wei Lin has agreed to step down as a director to make room for Mr. Michael Wang. Mr. Michael Wang has over twenty years of working experience in the financial services and technology sectors. Since 2016, Mr. Michael Wang has been the Managing Director, Head of Corporate banking at China Construction Bank in Toronto. Mr. Michael Wang and his team cover both Canadian and Chinese corporate clients across different industries. Mr. Michael Wang leads the corporate banking department to develop the bank’s Canadian investment/corporate banking market. From 2006 to 2016. Mr. Michael Wang worked at different positions at Royal Bank of Canada, including RBC Capital Markets and RBC enterprise strategy. Mr. Michael Wang has also worked in the technology sector in varies positions, from engineer to senior management roles, across European, North America and Asian markets. Through his professional career, Mr. Michael Wang has been closely engaged with the local business community and has also contributed to the Asian community in Toronto. Mr. Michael Wang was born in Beijing, China; holds a bachelor’s degree of Engineering and gained his MBA from Queen’s University in Kingston, Ontario. Michael is a CFA (Chartered Financial Analyst) charter holder.
There will be no other changes to the Board of Directors and Management of the Company as a result of the Proposed COB.
The Proposed COB is an "arm's length transaction" for the purposes of the Exchange and is subject to the approval of the Exchange. The Company will be applying to the Exchange for a waiver of the Exchange’s sponsorship and escrow requirements. In addition, the Company believes it is exempt from the Exchange requirement to obtain the approval of the shareholders for the Proposed COB on the basis that (a) the Proposed Investment and Change of Business is not a Related Party Transaction (as defined by the Exchange) and no other circumstances exist which may compromise the independence of the Company or other interested parties (in particular the Company’s directors and officers), (b) CWN is without active operations other than an option in the TOP Project which the Company has not pursued actively, (c) CWN is not and will not be subject to a cease trade order and will not otherwise be suspended from trading on completion of the Change of Business, (d) shareholder approval of the Proposed Investment and Change of Business is not required under applicable corporate and securities laws. In the event that the Exchange determines approval of the shareholders is required, the Company will seek Exchange acceptance to provide such shareholder approval by way of written consent of shareholders of the Company holding a majority of the issued and outstanding shares of the Company.
Proposed Investment Policy
As required by the Exchange’s listing requirements for an Investment Issuer, the Company will adopt an investment policy to govern its investment activities. The investment policy will set out, among other things, the investment objectives and strategy based on the fundamental principles set out below. The final investment policy will be posted filed on SEDAR prior to the completion of the Proposed COB.
Investment Objectives
The Company’s investment objectives are:
a) to seek a high return on investment opportunities in any industry with a focus primarily in the natural resources sector, real estate industry and high tech industry; and
b) to limit downside risk while achieving a reasonable rate of return by focusing on opportunities with attractive risk to reward profiles.
The Company does not anticipate the declaration of dividends to shareholders during its initial stages and plans to reinvest the profits of its investments to further the growth and development of the Company’s investment portfolio.
Investment Strategy
In light of the numerous investment opportunities in the industries mentioned above, the Company aims to adopt a flexible approach to investment targets without placing unnecessary limits on potential returns on its investment. This approach is demonstrated in the Company’s proposed investment strategy set out below.
Investment Sector: In any industry with a focus primarily in Natural Resources, Real Estate and High Tech. All the assets or projects of these industries may be considered for investment purposes.
Investment Types: Equity, debt, royalties, income and commodity streams, derivatives and any other investment structures or instruments that could be acquired or created.
Commodities: All commodities that comprise natural resources. Such commodities may include, but are not limited to, precious metals, base metals, ferrous metals, non-ferrous metals, industrial metals, non-industrial metals, agricultural minerals, industrial minerals, gems and other precious stones, other mineralization of value including emerald, jade and gravel, oil, gas, water and forestry products.
Jurisdictions: In Canada and any other countries.
Investment Size: Unlimited, which may result in the Company holding a control position in a target corporation or possibly requiring future equity or debt financings to raise money for specific investments.
Investment Allocation: There will be no restrictions or pre-determined allocations of investments in any industry, sector or company.
Investment Timeline: Not limited.
Investment Targets: Direct property investments or indirectly through equity or otherwise in a project company, or through a derivative interest such as a royalty, stream or other derivative facility.
Investments in public or private corporations, partnership or other legal entities that own, or propose to own, assets or projects of the industries mentioned above.
Investment Review: Will seek to maintain the ability to actively review and revisit all of investments on an ongoing basis with a minimum of monthly performance reviews where appropriate.
Liquidity Will evaluate the liquidity of investments and seek to realize value from same in a prudent and orderly fashion.
Composition of Investment Portfolio
The nature and timing of the Company's investments will depend, in part, on available capital at any particular time and the investment opportunities identified and available to the Company. Subject to the availability of capital, the Company intends to create a diversified portfolio of investments. The composition of its investment portfolio will vary over time depending on its assessment of a number of factors including the performance of financial markets and credit risk. The Company intends to complete the following investment concurrently with the completion of the Proposed COB.
Proposed Investment
The Company proposes to acquire a 28.57% interest in 2018334 Alberta Ltd. (“2018334”). 2018334 is a private company incorporated under the Alberta Business Corporations Act on January 20, 2017. 2018334’s sole assets are the land and improvements located at 4401 Macleod Trail, Calgary, Alberta, which comprise of 35,884 square feet of land and a 939 square feet vacant log structure (the “Property”). The Property is currently zoned C-Cor2, which allows for development opportunities. 2018334 acquired the Property on March 31, 2017 for an aggregate purchase price of $3,750,000, which 2018334 paid in cash.
The Company has entered into a purchase and subscription agreement (the “2018334 Agreement”) dated April 21, 2017, wherein the Company will acquire one million (1,000,000) common shares in the capital of 2018334 (the “2018334 Shares”) from the sole shareholder of 2018334, Hong Kong Shing Chi City Holdings Ltd. (“HK Shing Chi”), at one dollar ($1.00) per 2018334 Share. In addition, pursuant to the 2018334 Agreement, the Company will also subscribe for an additional one hundred thousand (100,000) 2018334 Shares, at one dollar ($1.00) per 2018334 Share, to provide 2018334 with cash and working capital. The purchase of and subscription of the 2018334 Shares will be paid in cash from the Company’s cash reserves. Following the completion of the Proposed Investment, the Company will hold 1,100,000 2018334 Shares out of a total of 3,850,000 2018334 Shares, representing 28.57% of the issued and outstanding capital of 2018334.
The Company intends to explore the development opportunities for the Property with HK Shing Chi. Current plans are to explore the development of a mixed use commercial and residential 6 story building on the Property. Since 2018334 holds no other asset other than the Property, and 2018334 also has no debt, the Company and HK Shing Chi may also elect to hold their investment in 2018334 and the Property for long term capital gains.
Upon completion of the Proposed Investment and the Proposed COB, the Company will hold a 28.57% interest in 2018334, its option in the Top Project (which the Company will continue to review to determine whether to maintain, advance or withdraw from the project), and cash and cash equivalents ($1,623,775 as at March 31, 2017 and pro forma the completion of the Proposed Investment).
Completion of the Proposed Investment and the Proposed COB is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Proposed COB 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 CWN Mining Acquisition Corporation should be considered highly speculative.
The Exchange has in no way passed upon the merits of the Proposed COB and has neither approved nor disapproved the contents of this press release.
Name Change
Upon completion of the COB, the Company intends to change its name to Huanqiu Capital Limited (or “Huanqiu”), and the Exchange will assign a new trading symbol at the time of the formal name change.
About CWN Mining Acquisition Corporation
CWN Mining Acquisition Corporation is a mineral exploration company incorporated under the Canada Business Corporations Act with its head office in Vancouver, British Columbia. The business of CWN is to further explore the TOP Project property with the objective of confirming and expanding the extent of mineralization on the property. Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements and include, without limitation, statements about the Proposed COB. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, obtaining the approval of the Proposed COB from the TSXV; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration, development or investment goals; risks associated with investments in companies conducting such activities, the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: expectations regarding whether the approval of the Proposed COB by the TSXV will be obtained; that the Company will identify and acquire suitable investments for the Company; that the Company's stated goals and planned exploration and development activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
Announces Appointment of Vice President of Investments and Vice President of Administration
November 07, 2016
FOR IMMEDIATE RELEASE
Vancouver, BC / November 07, 2016 - CWN Mining Acquisition Corporation (TSX Venture: CWN) (the “Company”) is pleased to announce the appointment of Mr. Wenjun Chu as the Vice President of Investments, effective on November 07, 2016. Mr. Chu has held Senior Management positions with Metath Investment Co., Ltd, Shanghai Heng Ji Pu Ye Asset Management Co. Ltd and Shanghai Puye Investment Co., Ltd since July 2005. Mr. Chu also held automotive engineering positions, including 8 years with Shanghai General Motor Ltd. Mr. Chu holds a bachelor’s degree in automotive engineering from Tsingnua University.
Effective on November 07, 2016, Mr. Huijun Wang stepped down from his role as Vice President of Investments, and was appointed as Vice President of Administration. Mr. Wenjun Chu’s appointment is subject to approval of the TSX Venture Exchange.
About CWN Mining Acquisition Corporation
CWN Mining Acquisition Corporation is a mineral exploration company incorporated under the Canada Business Corporations Act with its head office in Surrey, British Columbia. The business of CWN is to further explore the TOP Project property with the objective of confirming and expanding the extent of mineralization on the property.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact Andrew Liu, Chief Financial Officer at 778-389-9960.