TORONTO, June 8, 2017 /CNW/ - Everfront Ventures Corp. (TSX.V:
EVC.H – the "Company" or "Everfront") is pleased to announce that it has closed its previously announced acquisition of
Datametrex Limited ("Datametrex") by way of a three-cornered amalgamation among Everfront, Datametrex and Everfront
Acquisition Corp., a wholly owned subsidiary of Everfront (the "Transaction"). The amalgamated company will operate under
the name "DataMetrex Limited", which in itself will be a wholly owned subsidiary of the Company. The Transaction
constituted the Company's "Qualifying Transaction" in accordance with TSX Venture Exchange ("TSXV") Policy 2.4 – Capital
Pool Companies. Prior to the Transaction, Everfront was a Capital Pool Company (as defined under the policies of the TSXV),
and had not conducted any business operations other than identifying and evaluating potential business acquisitions that would
qualify as its Qualifying Transaction.
Final acceptance of the Transaction by the TSXV will occur upon the issuance of a Final Exchange Bulletin by the TSXV. Upon
issuance of the Final Exchange Bulletin, the Company will cease to be a capital pool company and will recommence trading on the
TSXV as a Tier 2 issuer. Trading in the common shares of the Company will begin on the TSXV on June 12,
2017 under the symbol "EVC".
Pursuant to the terms and under the conditions of the Transaction, Datametrex completed a non-brokered private placement (the
"Private Placement") of units immediately prior to the closing of the Transaction for gross proceeds of $2,160,839.10 as prescribed by the conditional approval of the TSXV. Each unit ("Unit") was at a
price of $0.10 and consisted of one common share and one warrant of Datametrex. Each warrant
was exercisable into one common share of Datametrex at a price of $0.15 for a period of two years
from the date of issuance. Although the Private Placement was non-brokered, Datametrex compensated certain dealers and
arms-length finders by way of: (a) a cash finder's fee equal to 8% of the gross proceeds; and (b) 573,792 broker warrants
exercisable on the same terms and conditions governing those warrants issued under the Private Placement. All Datametrex
common shares and warrants issued in connection with the Private Placement including broker warrants were exchanged for common
shares and warrants of Everfront on similar terms respectively, in each case on a one to one basis, upon closing of the
Transaction.
As a result of the Transaction, Everfront now has a total of 75,299,281 common shares, 32,372,051 warrants and 384,054 options
issued and outstanding. An aggregate of 42,701,500 common shares are subject to escrow pursuant to TSXV escrow requirements.
As a result of the closing of the Transaction, the directors and executive officers of the Company are now:
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Andrew Ryu
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Chief Executive Officer and Director
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Jeffrey Stevens
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President and Chief Operating Officer
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Jonathan Hobbs
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Chief Technology Officer
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John Randolph (Randy) Clifford
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Chief Financial Officer
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Steve (Byungjoo) Kang
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Vice President, Finance
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Stefan Baerg
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Vice President, Sales & Marketing
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Joshua Gerstein
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Director
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Charles Schade
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Director
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Andrew Male
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Director
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Cory Taylor
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Director
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Further details about the Transaction and the Company as the resulting issuer from the Transaction are available in the filing
statement of Everfront dated May 26, 2017 filed in respect of the Transaction which has been filed
under Everfront's profile on SEDAR at www.sedar.com. The
summary of the Transaction set out herein is qualified in its entirety by reference to the description of the Transaction in the
filing statement.
Forward-Looking Information
This press release contains forward-looking information based on current expectations. Statements about the date of trading of
the Company's common shares on the TSXV and final regulatory approvals, among others, are forward-looking information. These
statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those
implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new
events or circumstances unless required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Everfront Ventures Corp.
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