TORONTO, July 02, 2019 (GLOBE NEWSWIRE) -- Chantrell Ventures Corp. ("Chantrell") (NEX:CV.H) is pleased to announce that the Ontario Superior Court of Justice (Commercial List) has granted a final order authorizing the completion of the proposed plan of arrangement under the Business Corporations Act (Ontario) pursuant to which, among other things, Osisko Mining will complete a reverse takeover of Chantrell by transferring certain of its non-core assets to Chantrell in exchange for common shares of Chantrell (the "Arrangement").
For additional information regarding the Arrangement, please refer to the management information circular of Chantrell dated May 27, 2019, a copy of which is available on SEDAR (www.sedar.com) under Chantrell's issuer profile.
The Arrangement is expected to close on July 5, 2019, subject to the satisfaction or waiver of any remaining closing conditions. Following the completion of the Arrangement, the common shares of O3 Mining are expected to be listed on the TSX Venture Exchange and begin trading under the symbol "OIII" on the second business day following the completion of the Arrangement (i.e., on or about July 9, 2019).
About Chantrell Ventures Corp.
Chantrell's mission is to enhance shareholder value through the acquisition and development of mining properties, with a bias towards gold projects in Ontario and Québec.
For further information on Chantrell Ventures Corp., please contact: Paul Parisotto (President, CEO, CFO and Director) at (416) 874-1702.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to: the timing and ability of Osisko Mining and Chantrell to complete the Arrangement (if at all); the ability of Osisko Mining and Chantrell to satisfy or waive all conditions precedent to completing the Arrangement (if at all); and the anticipated benefits of the Arrangement to Osisko Mining, Chantrell and their respective shareholders.
These forward-looking statements are based on reasonable assumptions and estimates of management of Osisko Mining and Chantrell, as the case may be, at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Osisko Mining or Chantrell, as the case may be, to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: satisfaction or waiver of all applicable conditions to the closing of the Arrangement; the change of Chantrell's name to "O3 Mining Inc."; and the listing of the Resulting Issuer's common shares on the TSX Venture Exchange. Although the forward-looking statements contained in this news release are based upon what management of Osisko Mining and/or Chantrell, as the case may be, believes, or believed at the time, to be reasonable assumptions, Osisko Mining and/or Chantrell, as the case may be, cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Both Osisko Mining and Chantrell disclaim any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the 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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.