In an announcement, Lynnwood Capital Inc of Canada had entered into an agreement to purchase Tantalex Corp. The purchase would be a one to one share swap between the two companies.
Lynnwood is a capital pool company under Policy 2.4 of the TSX Venture Exchange. It entered into a 100% arm's length acquisition of 100% of common shares of Tantalex Corporation. The businesses would merge through a triangular amalgamation effectively providing for the outstanding equity of Tantalex by Lynnwood through a subsidiary named Lynnwood.
As a result, Lynnwood would be the sole beneficial owner of all outstanding shares of the Amalgamated Corporation. Lynnwood would in turn delist its common shares from the TSXV, resulting in the cancellation of 3.6 million Lynnwood shares.
The Amalagamated Corporation would be a wholly owned subsidiary of Lynnwood. The Amalgamated Corporation would then be named Tantalex Resources, subject to approval by regulatory authorities.
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