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Monarch Energy Announces Completion of Acquisition of ChroMedX
|By Marketwired .
|June 30, 2014 04:30 PM EDT
TORONTO, ONTARIO -- (Marketwired) -- 06/30/14 -- Monarch Energy Limited ("Monarch" or the "Company") - are pleased to announce that the Company has completed the previously announced consolidation of its common shares (the "Common Shares") and has completed the acquisition of all of the issued and outstanding common shares of ChroMedX Ltd. ("ChroMedX") (the "Acquisition"). The Company will now proceed to submit final documentation for listing on the Canadian Securities Exchange ("CSE") (as previously announced on December 20, 2013, May 26, 2014 and June 16, 2014) (the "Transaction"). The Company expects to list on the CSE on or around July 7, 2014.
Additional details on the Transaction can be reviewed in the press releases of the Company issued on December 20, 2013, May 26, 2014, June 16, 2014 and June 27, 2014.
As one of the conditions to listing on the CSE, the Company also announces that ChroMedX has completed the minimum $400,000 financing required by the CSE by raising gross proceeds of approximately CDN$517,500.
As a result of completion of the Acquisition, each former ChroMedX shareholder is entitled to receive one (1) Monarch Common Share, following a 1:20 consolidation of the Monarch Common Shares which was effected today, for every one (1) common share of ChroMedX held. This will result in former ChroMedX shareholders acquiring ownership and control of 24,675,100 Common Shares, representing approximately 83% of the issued and outstanding Common Shares in the capital of Monarch. In addition, an aggregate of 5,925,000 share purchase warrants of ChroMedX remain outstanding following the Transaction and now entitle the holders to acquire Monarch Common Shares in lieu of ChroMedX common shares based on the same terms and conditions as originally contemplated.
In connection with the Transaction, the Company's directors and officers are now as follows:
Wayne Maddever - President, Chief Executive Officer and Director;
Gerard Edwards - Director;
James Samsoondar - Chief Science Officer and Director;
George Langdon - Director;
Chris Hopkins - Chief Financial Officer; and
Chris Irwin - Corporate Secretary.
The Company will not be changing its name at this time, however, upon completing the listing of the Common Shares on the CSE the trading symbol in connection with the Acquisition will be "CHX" and the Company will seek to change its name at the next annual and special meeting to "ChroMedX Ltd.", or such other name as the board of directors determine.
A Letter of Transmittal with respect to the consolidation will be mailed to the shareholders of the Company describing the process by which shareholders may obtain new certificates representing their post-consolidated Common Shares.
The Company will now focus its efforts on developing its patents and patents pending (the "Patents") which were acquired through the Acquisition. The Patents relate to developing novel medical devices for Point of Care Testing ("POCT"), blood sample collection, and serum/plasma treatment and analysis. The patents were developed by Dr. James Samsoondar, a clinical biochemist, and the Company's Chief Science Officer, and represents technologies for the POCT and In Vitro Diagnostic market.
About Monarch Energy
Monarch is a reporting issuer that, subject to certain conditions precedent from the CSE, will have its common shares listed on the CSE under the symbol "CHX" on or around July 7, 2014. The core asset of the Company are Patents that relate to developing novel medical devices for POCT, blood sample collection, and serum/plasma treatment and analysis.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
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