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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Universal Infrastructure Corp | TSXV:UIC.H | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
NOT FOR DISSEMINATION IN THE UNITED STATES Universal Infrastructure Corp. (TSX VENTURE:UIC.H) ("Universal") and Global Alternative Investments Inc. (TSX VENTURE:GLI.H) ("Global") (collectively, the "CPCs") announce that they have terminated the acquisition agreement ("Acquisition Agreement") entered into by the CPCs, 2221754 Ontario Limited (Universal's wholly-owned subsidiary) and Ra Resources Ltd. ("Ra") with respect to the CPCs' proposed business combination and subsequent acquisition of all of the issued and outstanding securities of Ra (the "Proposed Qualifying Transaction"). The Proposed Qualifying Transaction was not completed as a result of Ra failing to complete the private placement financing, of at least $1.2 million, which was a condition to the completion of the Qualifying Transaction. The CPCs have also demanded repayment from Ra of the $12,500 advanced by each of the CPCs to Ra in accordance with the Policies of the TSX Venture Exchange. Each of the Boards of Directors of the CPCs has resolved, after giving consideration to the available resources of their respective CPC and the likelihood of being able to complete a qualifying transaction, that it is in the best interest of shareholders to delist and wind up their respective CPC and to return any residual capital to shareholders. The CPCs will each be calling a special meeting of its shareholders in the near term to seek approval for its voluntary delisting, wind-up and dissolution. This press release contains forward-looking information which is not comprised of historical facts, including those identified by the expressions "expect", "will" and similar expressions. The forward-looking information reflects Global's and Universal's current expectations regarding future results or events. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this press release includes, but is not limited to, the CPCs' expectations respecting the delisting, wind-up and dissolution of the CPCs. Factors that could cause actual results or events to differ materially from those described in such forward-looking information include, but are not limited to, receiving the required approvals from shareholders and the NEX. Although the CPCs believe that the assumptions and factors used in preparing the forward-looking information are reasonable, readers are cautioned not to place undue reliance on such forward-looking information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Neither of the CPCs undertakes any obligation to update forward-looking information if circumstances of their respective management's expectations of options should change, except as required by applicable securities laws.
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