Blackhawk Resource Corp. Terminates Transaction with UMG Media Corp.
CALGARY, Alberta, July 12, 2018 -- Blackhawk Resource Corp. (the “Corporation” or “Blackhawk”) (TSXV:BLR), announces it has terminated the Agreement to acquire all the issued shares of UMG Media Corp. As part of the termination agreement, Blackhawk will receive a termination fee of $250,000, which covers all the costs incurred to date on the proposed transaction.
It is anticipated that UMG Media Corp. will have a liquidity event in the near future and if such a transaction were to occur, and as part of such a transaction Blackhawk would be receiving shares of a resulting issuer, it is anticipated that those shares would be distributed to the shareholders of record of Blackhawk at the time the shares are received. By distributing the shares received it will allow the shareholders of Blackhawk to directly benefit from the ownership that Blackhawk holds in UMG and will allow the individual shareholders of Blackhawk to make their own investment decision related to UMG.
Blackhawk’s shares were originally halted on January 22, 2018, and it is expected that Blackhawk will resume trading on the TSXV and that it will continue as an investment issuer.
It is anticipated that Blackhawk will have its next AGM in September 2018, the exact date will be made announced shortly.
For further information on please contact:
Chief Executive Officer
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including details about the Transaction. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, Although the Corporation believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Neither the 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 press release.