The Arrangement is expected to be completed on or about
Debt Settlement
The Company also announces that it has reached an agreement (the 'Debt Settlement') with an arm's length creditor (the 'Creditor') to settle an aggregate of approximately
Any securities issued in connection with the Debt Settlement will be issued in reliance on certain prospectus and registration exemptions under applicable securities legislation and will be subject to a hold period of four months plus one a day from the date of issuance. Closing of the Debt Settlement is anticipated to occur immediately after receipt of TSXV approval.
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Forward Looking Information
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements that Arrangement will be consummated on the terms and timeline provided herein or at all, the benefits of the Arrangement to Cardero and the receipt of all required approvals including without limitation the company's shareholders and applicable regulatory authorities and applicable stock exchanges. Forward-looking statements include words or expressions such as 'proposed', 'will', 'subject to', 'near future', 'in the event', 'would', 'expect', 'prepared to' and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political and social uncertainties; the state of capital markets; risks relating to (i) the ability of the parties to satisfy the conditions precedent to the Arrangement, (ii) the impact on the respective businesses, operations and financial condition of Cardero and WCU resulting from the announcement of the Arrangement and/or the failure to complete the Arrangement on terms described or at all, (iii) a third party competing bid materializing prior to the completion of the Arrangement, (iv) delay or failure to receive board, shareholder regulatory or court approvals, where applicable, or any other conditions precedent to the completion of the Arrangement, (i) unforeseen challenges in integrating the businesses of Cardero and WCU, (vi) failure to realize the anticipated benefits of the Arrangement, (vii) other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant, including any escalation in the severity of the COVID-19 pandemic and other risks described in Cardero's and WCU's documents filed with Canadian securities regulatory authorities. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.
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