TriNorth's Russo-Forest reverse takeover cancelledTriNorth's Russo-Forest reverse takeover cancelled
2009-12-21 17:15 ET - News Release
An anonymous director reports
TRINORTH ANNOUNCES NYAH TERMINATES REVERSE TAKE-OVER OF RUSSO-FOREST
TriNorth Capital Inc. has been advised that Nyah Resources has decided not to proceed with the proposed reverse takeover of Russo-Forest Corp., a portfolio holding of TriNorth.
Pursuant to the share exchange agreement between Nyah and Russo-Forest, Nyah has notified Russo that is has exercised its right to terminate the share exchange agreement as the proposed transactions were not completed prior to Oct. 31, 2009. The board of directors of Nyah is considering the available options to recover the $500,000 payment owed to it by Russo-Forest pursuant to the share exchange agreement that relates to the inability to complete the transaction prior by Oct. 31, 2009.
Russo-Forest is evaluating its alternatives in light of this development.