Kombat Copper Inc. (TSXV: KBT) has announced that the Offering – announced on July 29, is expected to result in a change of control under the policies of the TSX Venture Exchange. The company is required to obtain disinterested shareholder approval of the Offering and as a result, Kombat has amended the terms of the Offering to provide for the issue of subscription receipts in order to permit the Offering to be completed in escrow subject to obtaining requisite shareholder approval.
According to the company’s press release:
Pursuant to the Offering, the Company proposes to issue and sell by private placement up to 30,000,00 Subscription Receipts at a price of $0.10 per Subscription Receipt for gross proceeds of up to $3,000,000. Each Subscription Receipt will be automatically exercisable into one unit (a “Unit”) upon the satisfaction of certain escrow release conditions, which shall include: (i) shareholder approval of each of the director nominees to be set out in the management information circular of the Company, being Scott Kelly, Mike Hoffman, Charles Mostert, Bill Nielsen andDuane Parnham, (ii) shareholder approval of the creation of a new control person in connection with the exercise of the Subscription Receipts, and (iii) receipt of confirmation from the Exchange of its final acceptance of the Offering.