LithiumBank Resources Corp. cancelled the acquisition of Amseco Exploration Ltd. (TSXV:AEL.H) in a reverse merger transaction.
At the closing of the transaction, the current directors of Amseco will resign with the exception of Roger Bourgault and the directors of LithiumBank will be appointed to the board of directors of New LithiumBank. Furthermore, the current officers of Amseco will also resign and the officers of LithiumBank will be appointed as officers of resulting issuer. Jean Desmarais, Chief Executive Officer of Amseco and François LeComte, Director of Amseco will remain as consultants of resulting issuer for a minimum of 1 year pursuant to consulting services agreements to be executed at the closing of the transaction. The transaction is subject to a number of conditions including, but not limited to completion of mutually satisfactory due diligence reviews, execution of the definitive agreement, requisite shareholder approvals for the Share Consolidation and Name Change, completion of the Offering either by way of prospectus or on a private placement basis and receipt of all requisite regulatory approvals. The closing is expected to occur on or before January 29, 2021. Frank Mariage of Fasken Martineau DuMoulin LLP acted as legal advisor to Amseco Exploration Ltd.
LithiumBank Resources Corp. cancelled the acquisition of Amseco Exploration Ltd. (TSXV:AEL.H) in a reverse merger transaction on March 8, 2021.