22:27:58 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Musgrove Minerals Corp (4)
Symbol MGS
Shares Issued 22,075,365
Close 2016-04-04 C$ 0.12
Market Cap C$ 2,649,044
Recent Sedar Documents

Musgrove shareholders approve RewardStream merger

2016-06-27 10:13 ET - News Release

Mr. Rana Vig reports

MUSGROVE RECEIVES SHAREHOLDER AND TSXV CONDITIONAL APPROVAL OF CHANGE OF BUSINESS TRANSACTION

At the annual and special meeting of Musgrove Minerals Corp. held on Friday, June 24, 2016, shareholders voted in favour of all matters brought before the meeting, including the previously announced amalgamation with RewardStream Solutions Inc., as described in detailed press releases of April 21, 2016, and May 30, 2016.

Musgrove is also pleased to announce that it has received conditional approval from the TSX Venture Exchange for the transaction.

Rana Vig, Musgrove's president and chief executive officer, said: "We are very pleased to have satisfied these important conditions to closing the transaction with RewardStream, which will provide shareholders with greater potential value for their shareholdings. On behalf of the board of directors and management of Musgrove, we thank shareholders of Musgrove for their support."

Completion of the transaction is subject to a number of conditions, including final TSX-V approval and the completion by Musgrove of a private placement consisting of at least 12 million units at a price of 12.5 cents per unit for gross proceeds of at least $1.5-million, as initially disclosed in a news release dated April 21, 2016.

The first tranche of the private placement was closed on May 26, 2016, for gross proceeds of $1-million. RewardStream also concurrently closed a private placement for proceeds of $100,000. The sole participant in the RewardStream private placement was Ralph Turfus, the chairman of the board of RewardStream. Total funds raised thus far by Musgrove and RewardStream in connection with these financings amount to $1.1-million.

The second and final tranche of the private placement is expected to be completed concurrently with the closing of the transaction on or about June 30, 2016.

We seek Safe Harbor.

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