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Califfi had insufficient cash for QT, Fenix says

2020-06-26 19:44 ET - Street Wire

Also Street Wire (C-FENX) Fenixoro Gold Corp

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by Mike Caswell

Califfi Capital Corp.'s would-be qualifying transaction target, Fenix Gold Inc., denies that it was responsible for the failure of that QT. The transaction fell apart because Califfi was unable to come up with the necessary money, Fenix says. The deal called for Califfi to have $750,000, a condition it was unable to fulfill, according to Fenix.

The statements from Fenix come in response to a lawsuit that Califfi filed on April 30, 2020, in the Supreme Court of British Columbia. The suit stems from a 2019 deal in which Fenix, then a private company, planned to go public through Califfi. The deal, as set out in an April 5, 2019, letter of intent, specified that Califfi would issue 25 million shares to acquire Fenix and two properties in Colombia. The takeover ultimately failed, with Fenix notifying Califfi on Feb. 25, 2020, that it was ending the deal. Two days later, Fenix entered into a similar transaction with another company.

After the deal failed, Califfi filed the lawsuit, complaining that Fenix's actions amounted to a breach of contract. Califfi said that it had done the necessary things to close the transaction, incurring costs for legal fees, travel and exchange filings. Despite those efforts, Fenix refused to close the deal, the suit complained.

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Why doesn't Fenix just publish the LOI showing expiration and blast Califfi out of the water. Sounds like "Cal" is a bit "iffi"

Posted by sap at 2020-06-29 16:39

Why doesn't Fenix just publish the LOI showing expiration and blast Califfi out of the water. Sounds like "Cal" is a bit "iffi"

Posted by sap at 2020-06-29 16:39