VANCOUVER, British Columbia, Jan. 02, 2018 (GLOBE NEWSWIRE) -- CWN Mining Acquisition Corporation (the “Company”) (TSXV:CWN) is pleased to announce that it has closed its previously announced acquisition of a 28.57% interest in the issued and outstanding shares of New Age Developments Ltd. (formerly 2018334 Alberta Ltd.) (the “Initial Investment”). The Initial Investment constitutes a change of business of the Company from a Tier 2 Mining Issuer to a Tier 2 Investment Issuer (the “Change of Business”).
Initial Investment
The Initial Investment was completed pursuant to a purchase and subscription agreement (the “Agreement”) among the Company, New Age Developments Ltd. (“New Age”) and the former sole shareholder of New Age, Hong Kong Shing Chi City Holdings Limited (“HK Holdings”). Under the terms of the Agreement, the Company purchased 1,000,000 common shares in the capital of New Age (the “New Age Shares”) from HK Holdings and subscribed for an additional 100,000 New Age Shares directly from New Age, in each case at $1.00 per New Age Share for an aggregate investment and subscription amount of $1,100,000. The 1,100,000 New Age Shares held by the Company represent 28.57% of the issued and outstanding New Age Shares, with the remaining 2,750,000 being held by HK Holdings.
New Age’s sole asset is the land and improvements located at 4401 Macleod Trail, Calgary, Alberta, which is comprised of 35,884 square feet of land and a 939 square foot vacant log structure (the “Property”). New Age acquired the Property on March 31, 2017 for an aggregate purchase price of $3,750,000, and the New Age Shares issued to the Company under the Agreement are priced at the same valuation. The Company intends to explore the development opportunities for the Property with HK Holdings. As New Age holds no other asset other than the Property, the Company and HK Holdings may also elect to hold their investment in New Age and the Property for long term capital gains.
Name Change and Ticker Symbol Change
The Company’s shares are currently halted in connection with the Change of Business, and it is expected that trading will resume on January 3, 2018 at which time the Company will be classified as a Tier 2 Investment Issuer on the TSX Venture Exchange, will change its name to “GCC Global Capital Corporation” and will trade under a new ticker symbol, “GCCC”.
Further details regarding the Initial Investment and the Change of Business are included in the Filing Statement of the Company dated November 24, 2017, which is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
New Director
The Company is pleased to announce that Mr. Michael G. Wang has joined the Board of Directors of the Company. Mr. Michael Wang has over twenty years of working experience in the financial services and technology sectors. Mr. Wang is currently a Director at Royal Bank of Canada, private banking and wealth management department. Michael and his team provide financial and business advice and structure financial solutions for RBC High Net Worth private banking clients. Prior to the current role, between 2016 and 2017, Mr. Michael Wang was the Managing Director, Head of Corporate banking at China Construction Bank in Toronto. Mr. Michael Wang and his team cover both Canadian and Chinese corporate clients across different industries. Mr. Michael Wang leads the corporate banking department to develop the bank’s Canadian investment/corporate banking market. From 2006 to 2016, Mr. Michael Wang worked at different positions at Royal Bank of Canada, including RBC Capital Markets and RBC enterprise strategy. Mr. Michael Wang worked in the technology sector in various positions, from engineer to senior management roles, across European, North America and Asian markets. Mr. Michael Wang holds a bachelor’s degree of Engineering and gained his MBA from Queen’s University in Kingston, Ontario. Michael is a CFA (Chartered Financial Analyst) charter holder.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact Andrew Liu, Chief Financial Officer at (778) 389-9960.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the Company’s plans for its investment in New Age and the Property. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.