Stockwatch

MillenMin Ventures Inc
Symbol	MVM
Shares Issued	42,100,000
Recent Sedar+ Documents

MillenMin under resumption review, expects NEX transfer

2023-06-26 15:41 ET - News Release

Subject: For Immediate Release "MillenMin provides corporate update, trade resumption review and transfer to NEX" Word Document File: '\\swfile\EmailIn\20230626 121730 Attachment MillenMin MVM - TSXV Trading Resumption Review - News Release.DOCX' 2 MILLENMIN VENTURES INC. PROVIDES CORPORATE UPDATE AND ANNOUNCES TRADING RESUMPTION REVIEW AND TRANSFER TO NEX Toronto, Ontario (June 26, 2023) - MillenMin Ventures Inc. (TSXV:MVM) ("MillenMin") is pleased to provide a corporate update and to announce the initiation of a trading resumption review by the TSX Venture Exchange to lift the voluntary trading halt, which was requested by the Company in January 2017. Once the trading resumption review is completed, it is expected that trading of the Company's common shares will resume shortly afterwards on NEX. As the Company is unable to meet the TSX Venture Exchange's Tier 2 continued listing requirements, the listing of the Company's shares is expected to be transferred to NEX, a separate board of the TSX Venture Exchange. The current trading halt was requested by the Company pending its change of control private placement offering and proposed reverse takeover. The control placement was completed in July 2017 which gave Beijing Properties (Holdings) Limited, through its subsidiaries, control of the Company. The proposed reverse takeover of a company that held a controlling interest in a Cuban joint stock company, which planned to construct, develop and operate a golf resort in Cuba, did not proceed as announced by the Company in March 2019. Since then, with the trading halt in place, the Company entered into a number of proposed Canadian real estate related acquisition transactions that also ultimately did not proceed to completion. In its last proposed transaction, the Company had entered into an agreement to acquire a 90% interest in a property in Richmond, British Columbia, but was terminated in May 2020. The Company has recently filed its interim financial statements for the quarter ended March 31, 2023 and related management's discussion and analysis, which are available on SEDAR at www.sedar.com. The Company has not generated any material revenues from operations since inception and the Company's daily operations are supported by borrowings from its controlling shareholder, which are considered related party transactions, and such borrowings are unsecured and payable on demand with no interest. The continuation of the Company as a going concern is dependent upon its ability to obtain financing and there is no assurance that the Company will be successful in obtaining such financing in the future. The Company continues to seek out and evaluate potential businesses and assets with a focus on real estate related interests in order to complete a change of business or reverse takeover. Any such transaction would be expected to be dependent on a financing component and be subject to, among other things, shareholders' approval and TSX Venture Exchange acceptance or other regulatory approval. There is no assurance that the Company will be successful in completing a change of business or reverse takeover. The Company's current directors are Mr. Ching Fu ("Ivan") Cheng, Mr. Shunyi Yao, Ms. Su-Jen Kuo and Mr. Kin Wai Siu. After the recent resignations of two independent directors on May 5, 2023, Ms. Su-Jen Kuo is considered the only independent director and the Company is in the process of identifying director nominees to fill the director vacancies. Mr. Ching Fu ("Ivan") Cheng is currently the Chief Financial Officer and Secretary and is acting as the Interim Chief Executive Officer. For further information, contact Mr. Fan Xu, Manager, at +1.647.832.8188 or gxu@mvmofcanada.com. Additional information about the Company is available on SEDAR at www.sedar.com. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements This news release contains forward-looking statements and information that are based on the beliefs of management and reflect MillenMin's current expectations. When used in this news release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release includes information relating to resuming trading, the transfer of the listing to NEX, continuing the borrowings from the controlling shareholder, obtaining financing, seeking out and evaluating potential businesses and assets with a focus on real estate related interests, completing a change of business or reverse takeover, and identifying director nominees to fill the board seat vacancies. The forward-looking information is based on certain assumptions, which could change materially in the future. Such statements and information reflect the current view of MillenMin with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause MillenMin's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the Company may not be able to resume trading, it may not be able to transfer its listing of its common shares to NEX, the Company may not be able to continue borrowing from the controlling shareholder, it may not be able to obtain financing to continue operations, the Company may not be able to seek out and evaluate potential businesses and assets, it may not be able to complete a change of business or reverse takeover, the Company may not be able to identify director nominees to fill the board seat vacancies and such board seats may not be filled. When relying on MillenMin's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. MillenMin has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF MILLENMIN AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE MILLENMIN MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.