Crestwell Announces Asset Acquisition and $1.2 Million Private Placement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/13/15 -- Crestwell Resources Inc. ("Crestwell" or the "Company") (CSE: CER), announced that it has taken the first steps towards transforming the Company into a media and technology business. The Company has signed a letter of intent (the "LOI") to acquire assets related to a proposed business known as Style Cameos (the "Asset Acquisition"). The assets have been developed by Fabrice Taylor and members of his family and are being purchased for a cash payment of $255,070. Mr. Taylor is a Related Party to the Company, as defined by the policies of the Canadian Securities Exchange (the "CSE").
The Asset Acquisition is subject to CSE approval and standard closing conditions.
The proposed business of Style Cameos is a media application and website designed to allow users to identify style-related items such as clothing, accessories, or furniture that appear in movies and on television. Style Cameos will aim to provide a medium to provide a service for viewers to discover who makes the style items they have seen on the screen.
Pursuant to the LOI, the Company will acquire the following assets:
The parties intend to negotiate and close a definitive agreement within one week.
The Company expects that Mr. Taylor will become an advisor to the Company during the transition to developing and operating a media and technology business and to identify other potential future acquisitions.
Fabrice Taylor
Mr. Taylor is a Globe and Mail investment columnist who has been writing about capital markets for 15 years. Mr. Taylor began his career at The Globe and Mail in 1995. In 2003 he and four colleagues won a National Newspaper Awards citation of merit for a series on income trusts. Also in 2003, Mr. Taylor obtained his Chartered Financial Analyst designation, became a sell side analyst and eventually transitioned into becoming a buy side analyst. With several successful startup companies, his track record and skill set will be a valuable resource to Crestwell.
Private Placement
Crestwell is also pleased to announce that it intends to complete a non-brokered private placement of up to 12,000,000 units of the Company ("Units") at a price of $0.10 per Unit for aggregate gross proceeds of $1.2 million (the "Placement"). Each Unit will be comprised of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable into a common share of the Company at an exercise price of $0.20 per share for a period of 24 months.
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary and Forward-looking Statements - Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The forward looking statements include that (i) Style Cameos will aim to provide a medium to provide a service for viewers to discover who makes the style items they have seen on the screen, (ii) the Company will acquire the following assets (A) a business plan for development of the assets, (B) the web domain , © any existing software coding of Style Cameos, and (D) marketing materials or intellectual property related to Style Cameos, (iii) the parties will negotiate to close a definitive agreement within one week, and (iv) the Company intends to complete a non-brokered private placement of up to 12,000,000 units. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's Management's Discussion and Analysis for the three and nine months ended October 31, 2014, filed on December 9, 2014 under the Company's profile on .
Contacts:
Crestwell Resources Inc.
Thomas Kennedy
President and CEO
(604) 682-2928
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Unternehmensinformation / Kurzprofil:
Datum: 13.05.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 393014
Anzahl Zeichen: 11810
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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