03:13:09 EDT Fri 29 Mar 2024
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Ballyliffin has holder OK for placement with Ironside

2015-07-07 18:05 ET - News Release

Mr. Greg Downey reports

BALLYLIFFIN CAPITAL CORP. SHAREHOLDERS APPROVE PRIVATE PLACEMENT WITH IRONSIDE RESOURCES INC.

Ballyliffin Capital Corp.'s previously announced private placement with Ironside Resources Inc. has received overwhelming approval by shareholders of Ballyliffin at its shareholders meeting held on June 30, 2015. The companies will settle the final terms of the private placement as soon as practicable and anticipate closing the transaction on or about July 8, 2015. A further announcement will be made once the final terms of the private placement have been settled.

The transaction constitutes Ballyliffin's qualifying transaction pursuant to the policies of the TSX Venture Exchange.

Upon completion of the private placement, Ballyliffin intends to distribute the Ironside shares held by it to its shareholders on a pro rata basis as a return of capital. The Ballyliffin shareholders of record as of May 29, 2015, will be eligible to receive the Ironside shares, in proportion to the number of common shares of Ballyliffin held by them on such record date. The Ironside shares, to replace the common shares Ballyliffin held by the Ballyliffin seed investors, will be deposited in escrow with Ironside's transfer agent pursuant to the policies of the exchange.

As soon as practicable after the return of capital described herein, Ballyliffin expects to delist its common shares from trading on the exchange and complete a voluntary dissolution in accordance with Business Corporations Act (Alberta).

Further details of the transaction, the return of capital and the subsequent dissolution of Ballyliffin can be found in the management information circular of Ballyliffin dated June 3, 2015, which is available at SEDAR.

We seek Safe Harbor.

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