Tickers: PINX:CWNHF, XTSX:CNH
Tags: Mining
Vancouver, British Columbia / TheNewswire / November 25, 2016 - Crownia Holdings Ltd. (TSX-V: CNH; OTCQB: CWNHF) ("Crownia" or the "Company") is pleased to announce that, further to its news release of October 3, 2016, it has received all applicable approvals and completed the acquisition of Zhongwan Co., Ltd ("Zhongwan") by acquiring all of the issued and outstanding securities of Zhongwan from its shareholders ("Transaction") through its wholly subsidiary, Jinsili (Hong Kong) International Steel Holdings Co., Ltd. ("Jinsili HK").
The Company issued 6,933,673 common shares (the "Consideration Shares") to the shareholders of Zhongwan to acquire all of the issued and outstanding securities of Zhongwan, which resulted in Zhongwan becoming a wholly-owned subsidiary of Jinsili HK. The Consideration Shares were issued at a deemed price of CAD $0.49 per share for an aggregate purchase price of CAD $3,397,500. The Consideration Shares are subject to a 4-month statutory hold period expiring March 26, 2017. The issuance of the Consideration Shares does not result in any person or company who was previously not an Insider becoming an Insider of the Company.
"We are pleased to complete this strategic acquisition," commented Herrick Lau, CEO of Crownia. "By completing this acquisition, Crownia is able to vertically integrate its upstream supply chain and enjoy the benefits from improved operating efficiency."
As a specialty steel trading company, Crownia provides value-add by identifying suitable suppliers for products that best suit customer needs, establishing distribution centers in optimal locations, and providing superior sales and after-sale services to customers.
On behalf of the Board of Directors,
US Investors:
Phillip Sugarman
1-818-280-6800
phillip.sugarman@crowniaholdings.com
Canadian Investors:
Gilbert Chan
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans" "expects" or "does not expect", "proposed", "is expected", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information in respect of the Company reflects the Company's as the case may be, current beliefs and is based on information currently available to the Company and on assumptions the Company as the case may be, believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release represent the expectations of the Company as of the date of this press release and, accordingly, are subject to change after such date. However, the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities 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 news release.
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