Blue Vista Technology Inc. Announces Financing and Restructuring
December 02 2010 - 2:03PM
Marketwired
Blue Vista Technologies Inc. (TSX VENTURE: BV.H) ("the Company") is
pleased to announce that the Company will be refinanced and
restructured subject to shareholder approval at its upcoming Annual
and Special Meeting of Shareholders to be held on December 30,
2010. The Information Circular of the Company mailed in connection
with the meeting can be found at www.sedar.com.
The Company is investigating strategic alternatives, including
the sale of its assets and possible acquisitions, which may not
involve a change of business, in order to enhance shareholder
value.
The Company intends to complete a private placement of up to
10,000,000 flow-through units at a price of $0.10 per unit. Each
unit will consist of one flow-through common share, one common
share, and one common share purchase warrant that entitles the
holder to purchase one common share of the Company at a price of
$0.10 for a period of two years from the date of issuance.
Proceeds of the offering will be used for working capital,
acquisitions and incurring Canada exploration expenditures (within
the meaning of the Income Tax Act (Canada)).
In addition, the Company is proposing to settle an aggregate of
up to $1,100,000 of indebtedness through the issuance of up to
22,000,000 common shares of the Company. The debt settlement will
substantially strengthen the Company's balance sheet.
The securities issued pursuant to the private placement and debt
settlement are subject to a four-month hold period.
Closing of the private placement and debt settlement, which is
currently expected to occur on or about December 31, 2010, is
subject to certain customary conditions, including, but not limited
to, the receipt by the Company of all necessary approvals and
consents, shareholder approval and the approval of the NEX.
Shares Outstanding: 5,615,576
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 release.
Contacts: Blue Vista Technologies Inc. Alex Falconer CFO and
Director (416) 637-1063 falconer@revelstone.ca Chris Irwin
Corporate Secretary and Director (416) 361-2516
cirwin@irwinlowy.com
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