Oakmont Minerals (OMK-V) qualifying transaction, name change from Oakmont Capital
July 5, 2013 - News Release
The TSX Venture Exchange has accepted for filing the company's qualifying transaction described in its information circular dated April 12, 2013. As a result, at the opening on Monday, July 8, 2013, the company will no longer be considered a capital pool company. The qualifying transaction includes the following: Share exchange agreement dated Oct. 25, 2012, between the company and 0939181 B.C. Ltd., whereby the company will acquire all the shares of the target, which, through its wholly owned subsidiary, Utah Manganese Inc., holds a 100-per-cent interest in the Duma Point, Dubinky Well, Moab Fault and Flat Iron properties in Utah.
Concurrent non-brokered private placement financing of the company of 2.1 million units at a price of 15 cents per unit for total gross proceeds to the company of $315,000. Each unit comprises one share and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional share at a price of 20 cents per share for a period of three years.
The exchange has been advised that the above transactions, approved by shareholders on May 14, 2013, have been completed.
Capitalization: Unlimited shares with no par value, of which 12,252,000 shares are issued and outstanding
Escrow: 2.8 million common shares subject to a 36-month staged release escrow under the CPC escrow agreement, 3,352,000 common shares subject to a 36-month staged release escrow under the Tier 2 surplus escrow agreement and one million common shares subject to a 36-month staged release escrow under the Tier 2 value escrow agreement
Transfer agent: Computershare Investor Services Inc.
Trading symbol: OMK same symbol as CPC but with .P removed
Cusip No.: 673794103 (new)
Insiders: Fraser Atkinson, 2,064,001; Mark Achtemichuk, 100,000; Malcolm Clay, 518,000; Theo Sanidas, 400,000
Effective at the open of trading, Monday, July 8, 2013, trading in the shares of the company will resume.
For additional information, please see the company's information circular dated April 12, 2013, filed on SEDAR, along with news releases dated Oct. 25, 2012, March 1, 2013, May 14, 2013, and July 3, 2013.
The company is classified as an exploration/development company |
