West Mountain Again Extends Expiry Date for Transaction with Jereh International Investment (Group) Company Limited
31 Gennaio 2014 - 7:52PM
Marketwired
West Mountain Again Extends Expiry Date for Transaction with Jereh
International Investment (Group) Company Limited
CALGARY, ALBERTA--(Marketwired - Jan 31, 2014) - West Mountain
Capital Corp. (TSX-VENTURE:WMT) (the "Company" or "West Mountain")
announces that it has executed a second amendment ("Amendment
No.2") to the binding heads of agreement ("Heads of Agreement")
with Jereh Energy Services Corporation ("Jereh") of Yantai, China
that extends the expiry date of the Heads of Agreement to 12:00 pm
Newfoundland Standard Time on February 28th, 2014.
"With the Chinese New Year celebrations beginning today there
just has not been enough time to complete all of the negotiations
necessary," said Paul Antle, President and CEO, "we will be ready
to re-commence negotiations on the definitive agreements again on
February 10th when most businesses return to operation."
The Company advises that through the course of negotiations the
structure of the investment to be made by Jereh in the Company has
changed. It is now anticipated that the investment will be
comprised of the sale of (i) 15,474,074 common shares of the
Company at the price of C$0.27 per share for proceeds of
C$4,178,000 and (ii) a 6.5% secured convertible bond (the "Bond")
of the Company in the aggregate principal amount of US$3,000,000
issued at par. The Bond and accrued interest would be due and
payable on the second anniversary of date of issue. The principal
amount of the Bond would be convertible at the option of Jereh
prior to maturity at the conversion prices of C$0.32 and C$0.50 per
share during the first year and second year of its term
respectively.
In addition to conditions customary for transactions of this
nature, the completion of the Transaction is conditional upon the
following: (a) the completion by West Mountain, Jereh and their
respective advisors of "due diligence" investigations satisfactory
to the parties in their respective sole discretion; (b) the
entering into of definitive binding agreements providing for the
various transactions that comprise the transaction with Jereh; and
(c) the Company receiving all necessary consents and approvals,
including approval by the TSX Venture Exchange. The definitive
agreements providing for the Transaction are expected to be
finalized and executed by the parties on or before February 20th,
2014.
About West Mountain
West Mountain is an established Canadian environmental solutions
company specializing in the thermal treatment of a variety of
hazardous and non-hazardous waste streams. It employs a unique
indirectly heated, closed loop technology that allows it to extract
even the most hazardous contaminants from soil, industrial sludge,
pharmaceutical waste and consumer waste streams converting much of
it into reusable oil and synthetic natural gas that it uses to
sustain the process. This methodology offers significant
opportunity for greenhouse gas reduction over traditional hazardous
waste destruction technologies. The Company's management team
maintains expertise in hazardous waste management, Brownfield
remediation and pharmaceutical waste management with experience
spanning North America and 15 countries internationally.
Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. In particular, this news release
contains forward-looking information regarding the transaction with
Jereh. The forward-looking statements and information are based on
certain key expectations and assumptions made by West Mountain,
including expectations and assumptions concerning the completion of
the transactions described in this news release. Although West
Mountain believes that the expectations and assumptions on which
such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because West Mountain
can give no assurance that they will prove to be correct. There is
no assurance that the transactions described in this news release
will be completed on the terms set out in this news release or at
all.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. Factors which could materially affect such forward-looking
information include the failure to enter into definitive agreements
that provide for the Transaction described in this news release and
other factors that are described in the risk factors in the
Company's most recent annual management's discussion and analysis
that is available on SEDAR at www.sedar.com. The forward-looking
statements included in this news release are expressly qualified by
this cautionary statement. The forward-looking statements and
information contained in this news release are made as of the date
hereof and West Mountain undertakes no obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts the responsibility for the adequacy or
accuracy of this release.
West Mountain Capital Corp.Mr. Paul AntlePresident and CEO709
726 0336pantle@phaseparation.comhttp://www.phaseparation.com
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