Fox Magnum entered into a binding letter of intent to acquire Benz Mining Corp. (TSXV:BZ) in a reverse merger transaction on September 26, 2018. Under the terms of the binding letter of intent, Benz Mining will acquire all of the issued and outstanding share capital of Fox. Prior to completion of the transaction, all outstanding shares of Benz will be consolidated on the basis of 1 new share for every 9.4 existing shares. In consideration for the acquisition of Fox, Benz has agreed to issue 300 Benz (post-consolidation) shares for every 1 Fox share, representing an aggregate of 45 million post-consolidation Benz shares issuable in connection with the transaction (including post-consolidation Benz shares reserved for issuance to current holders of options or warrants of Fox). In connection with completion of the transaction, and subject to the approval of the TSX Venture Exchange, Benz Mining intends to secure financing of not less than CAD 5 million at a price of CAD 4 per post-consolidation Benz share. On closing of the transaction, Benz will propose to change its principal business of exploration and development of mineral resources to automotive, electric-car development; and its name to be changed to Fox Automotive International Corp. Following completion of the transaction, Benz Mining’s Board of Directors will be reconstituted and is expected to be composed of five directors. The completion of the transaction is subject to a number of conditions, including but not limited to: (i) the consolidation of all of Benz Mining’s outstanding common shares; (ii) Benz Mining and Fox negotiating a definitive agreement in respect of the transaction; (iii) Benz Mining securing necessary financing provided that such financing satisfies the listing requirements of the TSX Venture Exchange; (vi) the approval of shareholders of Benz Mining; and (vii) the approval of the TSX Venture Exchange. CM-Equity AG acted as global coordinator to the transaction. Fox Magnum cancelled the acquisition of Benz Mining Corp. (TSXV:BZ) in a reverse merger transaction on January 7, 2019. The transaction terminated as at Fox was not in a position to provide the necessary public disclosure information required for a reverse takeover transaction in a timely manner. Further to the termination of the reverse takeover with Fox Automotive Switzerland AG, Benz is undergoing a comprehensive review of strategic alternatives and as a result Benz feels it would be prudent to delay the meeting until the conclusion of such review