Mr. Dave Antony reports
BLACKHAWK RESOURCE CORP. TERMINATES TRANSACTION WITH UMG MEDIA CORP.
Blackhawk Resource Corp. has terminated the agreement to acquire all the issued shares of UMG Media Corp. As part of the termination agreement, Blackhawk will receive a termination fee of $250,000, which covers all the costs incurred to date on the proposed transaction.
It is anticipated that UMG Media will have a liquidity event in the near future, and, if such a transaction were to occur, and as part of such a transaction, Blackhawk would be receiving shares of a resulting issuer, and it is anticipated that those shares would be distributed to the shareholders of record of Blackhawk at the time the shares are received. By distributing the shares received, it will allow the shareholders of Blackhawk to directly benefit from the ownership that Blackhawk holds in UMG and will allow the individual shareholders of Blackhawk to make their own investment decision related to UMG.
Blackhawk's shares were originally halted on Jan. 22, 2018, and it is expected that Blackhawk will resume trading on the TSX Venture Exchange and that it will continue as an investment issuer.
It is anticipated that Blackhawk will have its next annual general meeting in September, 2018, the exact date of which will be announced shortly.
We seek Safe Harbor.
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