TORONTO, Dec. 18, 2014 /CNW/ - CWN Mining Acquisition
Corporation ("CWN") (TSXV: "CWN.P"), a capital pool company,
is pleased to announce a proposed non-brokered private placement of
up to 8,000,000 common shares (the "Shares") at a price of
$0.50 per Share for aggregate
proceeds of up to $4,000,000 (the
"Private Placement"). All Shares issued pursuant to the
Private Placement will be subject to certain resale
restrictions.
The Private Placement is being undertaken concurrently with CWN
entering into an option agreement (the "Option Agreement")
dated October 31, 2014 with YES
Exploration Syndicate Inc ("YES Exploration"), pursuant to
which CWN will be granted an option to acquire a 100% undivided
interest, net of a 2% royalty reserved for YES Exploration, in
certain mining claims situated in the Whitehorse Mining District,
Yukon, Canada, and generally and
collectively known as the "TOP Project" (the "Transaction").
The Private Placement is being conducted by CWN in order to satisfy
the terms of the Option Agreement and the proceeds from the Private
Placement will be used to provide CWN with adequate working capital
and financial resources to carry out a stated work program on the
TOP Project for 12 months following closing of the Transaction.
Management of the Resulting Issuer
The Transaction is subject to TSX Venture Exchange
("TSXV") approval and is intended to constitute CWN's
"Qualifying Transaction" in accordance with TSXV Policy 2.4 –
Capital Pool Companies. Upon completion of its Qualifying
Transaction, the following persons will be directors, officers or
insiders of the resulting issuer:
Wen Hua (Ben) Li –
CEO and Director
Mr. Wen Hua (Ben) Li is an
experienced international businessman with a background in
engineering and management and numerous years of experience in the
mining industry. He has worked as a project director in an
exploration stage iron ore project based in China for four years, during which time, the
company advanced from early exploration phase to discovery phase.
Subsequently, Mr. Li has spent several years evaluating and
visiting mining projects throughout North
America and Australia. Mr.
Li has expertise in the mining exploration industry, in evaluating
potential investments in the mining sector and expertise in
management of exploration projects. Mr. Li has an Advanced Diploma
in Electrical Engineering from TAFE NSW – Sydney Institute – Ultimo
College in Sydney, Australia.
Under the Private Placement, Mr. Li will become the beneficial
owner of 6,000,000 Shares and will become an insider of the
resulting issuer.
Terry Wong –
CFO and Corporate Secretary
Ms. Terry Wong is a Certified
Management Accountant with over 9 years of financial experience
working for both private and public companies. She has also worked
closely with companies and professionals within the finance,
mining, and energy industries. Ms. Wong has advanced knowledge of
Canadian GAAP and IFRS regulations. From July 2008 to April
2011, Ms. Wong acted as the financial controller of Resinco
Capital Partners Inc., a TSX listed investment company. Since then,
Ms. Wong has acted in numerous financial roles in companies,
including as an interim CFO of Axmin Inc. on the TSX Venture
Exchange. Axmin Inc. is a Canadian exploration and development
company with a strong focus in Africa. Ms. Wong received her
BCOMM from the University of British
Columbia.
Joe Kin Foon Tai –
Director
Mr. Joe Kin Foon Tai has been the
Managing Director of Goldpac Investments Ltd., an investment
consulting company, since January
1997. Mr. Tai currently serves as a director of Axmin Inc.,
a TSX Venture Exchange listed gold mining company, Adex Mining
Inc., a TSX Venture Exchange listed multi-metal mining company, and
China Goldcorp. Ltd., a NEX listed CPC. Mr. Tai served as a
director of Portal Resource Inc. (now Galileo Petroleum Ltd.), a
TSX Venture Exchange listed mining company from March 2009 to September
2010, and Medifocus Inc., a TSX Venture Exchange listed
medical device developer from 2006 to November 2012.
William B. Burton –
Director
Mr. William B. Burton graduated
with an Honours Bachelor of Sciences (Honours B.Sc.) in Geology
from Dalhousie University in
Halifax in 1973. From 1973 to 1986
he was an active geologist for various corporations including 12
years with a division of Rio Tino Zinc. From 1986 to 1994 he
founded various public mining companies. He founded ADEX Mining
Corp. (TSXV:ADE) in 1994, and was the Chief Executive Officer from
1994 to 1998, and oversaw the acquisition of the Mount Pleasant
Property in 1995. He has also been a director of Erdene Resource
Development (TSX:ERD) since 2003. Erdene Resource Development is
focused on the definition of late stage gold and copper projects in
Mongolia. He is a director of CWN
(TSXV:CWN.P), a CPC. He has held executive positions in various
publicly traded companies in Canada involved in mineral exploration and
development around the globe. With 40 years experience in the
minerals sector, he has both hands on experience as a geologist and
as an executive. From 1996 to 1998, he was the Vice-President of
Exploration of International Pursuit evaluating gold properties in
Asia, including Mongolia, and was the President of Mongolian
Goldfields Corporation from 1996 to 1997. More recently, as
President, CEO and founder of MagIndustries Corp. (TSX:MAA), he led
the completion of feasibility studies to develop the Kouilou
solution potash mine operation after many years of exploration and
development of extensive carnallite deposits in the Republic of
Congo. MagIndustries Corp. is now
controlled by Chinese interests who have invested over $1 billion in the Kouilou mine project. Mr.
Burton completed the Institute of Corporate Directors' Audit
Committee effectiveness course in December
2012.
Kevin Wen Lai –
Director
Mr. Kevin Wen Lai is an
experienced businessman with nearly two decades of experience in
executive and management roles in American and Chinese companies.
Mr. Lai's expertise includes management and international trade.
Mr. Lai has served as an Associate Director for Glory Harvest Group
Holdings Ltd. since 2007 and has served in senior technical and
management roles at Dell Inc. and Ask.com. Mr. Lai has a Master of
Science degree in Information and Computer Sciences from the
University of Hawaii and a Bachelor of
Science degree in Information Systems and Computer Sciences from
the Brigham Young University at Hawaii.
Under the Private Placement, Mr. Lai will purchase 1,500,000 Shares
and will become an insider of the resulting issuer.
About CWN
CWN is a capital pool company within the meaning of Policy 2.4
of the TSXV, incorporated under the Canada Business Corporations
Act with its head office in Vancouver, British Columbia. The principal
business of CWN has been the identification and evaluation of
assets with a view to completing a qualifying transaction.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE CWN Mining Acquisition Corporation