RE: IR bulletin"Also, the transaction must also be approved by the TSX Venture Exchange.
As noted in recent communications from IBI, the ultimate goal of the transaction with Sereno is for Grey Crown to do a reverse takeover of Sereno, resulting in Grey Crown being the new Resulting Issuer. As part of the process, the current directors of Sereno would all resign, to be replaced by directors nominated by Grey Crown. Moreover, the current management of Grey Crown would become the management of the new corporation.
If Grey Crown were to be listed on the TSX Venture Exchange, it is expected to be in a good financial position as it is anticipated that there will be some $675,000 in cash that will come from Sereno as part of the reverse takeover. Moreover, as a condition of the transaction being completed, Grey Crown is required to raise a minimum of $2.5 million in private placement financing, and our goal is to raise $5 million."
A whole bunch of expected, anticipated, ifs, goals and quite possibly empty promises ... IF you ask me.
The more things change the more they stay the same for this crowd.