NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Caracara Silver Inc. (“Caracara” or the “Company”) (NEX-SILV.H) is pleased to announce that it and Xtraction Services, Inc. (“Xtraction”) have received conditional approval from the Canadian Securities Exchange (the “CSE”) for the listing for trading on the CSE of the common shares of the resulting issuer to be formed upon completion of the previously announced business combination between Caracara and Xtraction that will result in the reverse take-over of Caracara by Xtraction (the “Business Combination”), to be named “Xtraction Services Holdings Corp.” (the “Resulting Issuer”). Listing of the Resulting Issuer shares is subject to completion of the Business Combination and the satisfaction of all conditions of the CSE, including completion of outstanding CSE application documentation and payment of fees pursuant to the CSE’s policies.
In connection with the Business Combination and the CSE’s conditional listing approval, Caracara has filed a CSE Form 2A - Listing Statement under its profile on SEDAR at www.sedar.com which provides detailed disclosure on the Business Combination and the Resulting Issuer.
Caracara and Xtraction anticipate closing the Business Combination on or about September 11, 2019. In connection with the completion of the Business Combination, Caracara will voluntarily delist its common shares from the NEX Board of the TSX Venture Exchange (the “TSXV”). It is expected that the delisting will occur effective September 6, 2019.
Caracara and Xtraction will provide further details in respect of the Business Combination upon the successful completion of the transaction.
About Xtraction
Xtraction partners with leading extraction and lab equipment manufactures to provide purchasing options for end-use customers. This allows Xtraction to supply mission critical equipment, service, and expertise, to a growing network of high-volume hemp and cannabis brands. Xtraction is working to democratize state-of-the-art equipment by minimizing up-front costs in today’s capital constrained environment. This dynamic provides recurring revenues in order to maximize returns for shareholders, as well as to provide an end-to-end solution for the largest brands in the industry.
Xtraction is currently working with a number of cannabis and hemp processors, to scale their operations and quickly provide access to large scale industrial equipment to benefit from the rapidly expanding concentrates market. Xtraction’s management team has a successful track record of creating shareholder value and in scaling high growth businesses, product development, finance, and operational best practices.
Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including the statements that: (i) the delisting of its common shares from the TSXV; and (ii) the expected listing on its common shares on the CSE.
For more information, please contact:
Nick Tintor
President of Caracara Silver Inc.
Tel: +1 (416) 987-0855
David Kivitz
Chief Executive Officer of Xtraction Services, Inc.
Tel: +1 (407) 900-4737
Forward-Looking Information
This news release contains certain forward-looking statements that reflect the current views and/or expectations of management of Caracara and Xtraction with respect to performance, business and future events, including but not limited to express or implied statements and assumptions regarding the intention of Caracara and Xtraction to complete the Business Combination. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which Caracara and Xtraction operate. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. In particular, there is no guarantee that the parties will successfully complete the Business Combination. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. Neither Caracara nor Xtraction undertakes any obligation to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. newswire services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws.
All information contained in this press release with respect to Xtraction, its business and proposed corporate reorganization and financing was supplied by Xtraction for inclusion herein. Caracara has not conducted due diligence on the information provided and does not assume any responsibility for the accuracy or completeness of such information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
