MillenMin Ventures Inc. (TSXV:MVM) ('MillenMin') is pleased to announce that on February 4, 2020, MillenMin, through its indirect wholly-owned subsidiary, Milestone Value Management (Canada) Inc. (together with MillenMin, the 'Company') amended its agreement (as amended, the 'Agreement') to acquire a 90% interest in a commercial property located at 5700 block on No. 3 Road in Richmond, British Columbia (the 'Property') to extend the subject removal and completion dates and to include, among other things, an alternative transaction structure to allow the acquisition of the Property directly from the Property's holding company.
Change of Business Transaction
MillenMin is repositioning its business to develop multi-family residential properties in the Metro Vancouver area. It is expected that completion of the Transaction will constitute a change of business transaction in accordance with the requirements of the TSX Venture Exchange ('Exchange'), and on completion of the Transaction, subject to TSXV acceptance, MillenMin is expected to become a real estate issuer.
Forward-Looking Statements This news release contains forward-looking statements and information that are based on the beliefs of management and reflect MillenMin's current expectations. When used in this news release, the words 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release includes information relating to the Company's purchase of the commercial property on No. 3 Road in Richmond, British Columbia, MillenMin becoming a real estate issuer, MillenMin repositioning its business to develop multi-family residential properties in the Metro Vancouver area, the Transaction constituting a change of business transaction, the acquisition of the Property, the seeking of short-term leases for the Property, the submission of a re-zoning application, the sellers of the Property, the formation of the JV Company, the consideration to be paid for the Property, an amalgamation of the JV Company and the Property holding company, the contribution of capital to the JV Company, the non-brokered private placement financing of common shares and convertible debentures, a brokered private placement financing of common shares, the use of proceeds, BICL's subscription for common shares and convertible debentures, the subscription for common shares and convertible debentures by another investor, the application to the Exchange for waivers of policy requirements, the expected ownership of common shares by BICL, the expected number of issued and outstanding common shares, the holding of a shareholders meeting, the payment of the consideration for the Property including deposits, the return of deposits on termination, the conditions for completing the agreement, the satisfaction or waiver of conditions, the subject removal date, the completion of the Transaction, the date of completion of the Transaction, the directors and management of MillenMin, the entry into the Joint Venture Agreement, the JV Company board, the Company control over the JV Company and the Property, the governance of the JV Company, the change of name by MillenMin, the consolidation of common shares by MillenMin, the approach to Canadian investment banks to act as sponsor if a sponsor is required, and the trading halt. The forward-looking information is based on certain assumptions, which could change materially in the future. Such statements and information reflect the current view of MillenMin with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause MillenMin's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the risk that the Company is unable to complete the purchase of the commercial property on No. 3 Road on the terms disclosed or at all, MillenMin is unable to become a real estate issuer, MillenMin is unable to reposition its business as expected, the 8 Transaction may not constitute a change of business, MillenMin may not be able to acquire the Property, the Property may not be let on short-term leases or at all, the re-zoning application may not be submitted, the sellers of the Property may be the holding company, the shareholders of the holding company or other, the JV Company may not be formed as expected or at all, the consideration for the Property may not be as expected, there may not be an amalgamation of the JV Company and the Property holding company, the capital contributions of the JV Company may not be made or for a different amount, the non-brokered private placement of common shares and convertible debentures may not be completed or be completed on different terms, a brokered private placement of common shares may not be completed or be completed on different terms, the use of proceeds may be different than as expected, BICL's subscription may be different than as expected, the subscription by another investor may be different than as expected, the application to the Exchange for waiver of certain policy requirements may not be made, may not be made as expected, or may not be successful, the expected common share ownership by BICL may not be as expected, the number of issued and outstanding common shares may not be as expected, a shareholders meeting may not be held, the payment of the consideration for the Property may not be as expected or be made at all, the deposits may not be returned on termination, the conditions for completing the agreement may not be as expected, the conditions may not be satisfied or waived, the subject removal date may not be as expected or delayed, the completion date for the Transaction may not be as expected or delayed, the completion of the Transaction may not be as expected, the directors and management of MillenMin may not be as expected, the Joint Venture Agreement may not be executed, the JV Company board may not be as expected, the Company may not have control over the JV Company and the Property, the governance of the JV Company may not be as expected, MillenMin may not proceed with a change of name, MillenMin may not proceed with a consolidation of common share, MillenMin may not be able to retain an investment back to act as sponsor, and the trading halt may not end as contemplated or may be indefinite. When relying on MillenMin's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. MillenMin has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to above will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
Contact:
Tel: (416) 366-1888
MILLENMIN VENTURES INC. 