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(All dollar amounts are in Canadian dollars unless otherwise indicated)
PERTH, Australia, Dec. 3, 2018 /CNW/ - LeadFX Inc. ("LeadFX" or the "Company") (TSX: LFX) advises the sale of the Company's indirect equity and debt interests ("Chief Interests") in Chief Consolidated Mining Company ("Chief") did not close on November 30, 2018.
On July 30, 2018 LeadFX announced it had agreed to sell its Chief Interests to Ruby Hollow LLC and 321888 LLC, unrelated special purpose companies associated with Riverfield Capital, for US$4.5 million. On November 2, 2018 closing was extended to November 30, 2018.
The Company and the buyers continue in discussions with a view to closing the transaction or a variation of it.
The Company also advises that it is progressing the funding for the closing of the Plan of Arrangement approved by shareholders on October 3, 2018 and expects the cash consideration to be remitted to LeadFX's depositary, Computershare Investor Services Inc., in December. Further details will be communicated by the Company at such time.
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws. Examples of forward-looking information in this news release includes but is not limited to statements and information concerning the expected timing for closing of the sale of the Company's Chief Interests and receipt of consideration and the completion of the Plan of Arrangement. Forward-looking statements are often, but not always, identified by the use of words such as ''seek'', ''anticipate'', ''contemplate'', ''target'', ''believe'', ''plan'', ''estimate'', ''expect'', and ''intend'' and statements that an event or result ''may'', ''will'', ''can'', ''should'', ''could'' or ''might'' occur or be achieved and other similar expressions. Forward-looking information by its nature requires assumptions and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information, and readers are cautioned not to place undue reliance on such information. These statements are based on expectations, estimates and projections as at the date of this news release and are subject to a number of risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this news release. These risk factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which is current only as of the date of this news release. All subsequent forward-looking information attributable to LeadFX herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. LeadFX does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
SOURCE LeadFX Inc.