RE:close
NWM Mining Corp (C:NWM)
Shares Issued 554,101,777
Last Close 8/27/2015 $0.005
Thursday September 17 2015 - News Release
Mr. Darren Koningen reports
NWM ANNOUNCES AMENDMENTS TO ARRANGEMENT AGREEMENT, EXTENSION TO CLOSING DATE
NWM Mining Corp. has entered into two amendments to the arrangement agreement dated June 6, 2015, with SFM Holding SAPI de CV, GFM Mineria SAPI de CV (GFMM) and Global Resource Fund (GRF).
GFMM will continue to acquire all of the issued and outstanding common shares of NWM for cash consideration of 0.5 cent.
NWM will be seeking an order of the Ontario Superior Court of Justice (Commercial List) approving the amendments to the plan of arrangement on or about Sept. 18, 2015. The arrangement is expected to close shortly thereafter.
The arrangement was approved by NWM shareholders holding approximately 98 per cent of the common shares voted at the shareholders meeting held on or about July 15, 2015, and 97 per cent of the majority of the minority.
The first amendment was signed on Sept. 13, 2015, to, among other things, extend the outside date to Oct. 15, 2015, to allow the purchasers to finalize their financing and the second on Sept. 16, 2015, to, among other things, provide for a revised plan of arrangement in which only a partial repayment of the debt owed to GRF will occur at the effective time of the arrangement. Under the revised plan of arrangement, the remaining debt will remain outstanding pursuant to the terms of an amended and restated promissory note, which will be due on or before Dec. 4, 2015. Following the effective time of the arrangement and the acquisition of NWM by GFMM, GRF will continue to hold its security over NWM and will continue to be owed its debt by NWM.