Jiminex Announces LOI for Reverse Takeover w Alkaline Spring Toronto, Ontario--(Newsfile Corp. - October 22, 2018) - Jiminex Inc. ("Jiminex" or the "Company") is pleased to announce that it has entered into a binding letter of intent (the "LOI") dated October 22, 2018 with Alkaline Spring Inc. ("Alkaline Spring"), whereby the parties will complete a business combination by way of a transaction that will constitute a reverse takeover of the Company by Alkaline Spring and its shareholders (the "Transaction"). Pursuant to the Transaction, the Resulting Issuer (as defined below) will apply to list on the Canadian Securities Exchange (the "CSE").
In accordance with the terms of the Transaction, the holders of the issued and outstanding Class "A" Voting Common Shares in the capital of Alkaline Spring (the "Alkaline Shares") will be issued two (2) Post Consolidation Jiminex Shares in exchange for every one (1) Alkaline Share held immediately prior to the completion of the Transaction (the "Exchange Ratio"). The deemed exchange price for the Post-Consolidation Jiminex Shares will be $0.09 per Post-Consolidation Jiminex Share.