Blackhawk Resource Corp. has changed its name to Blackhawk Growth Corp. and has continued its jurisdiction of incorporation into British Columbia. The change of name and continuation were previously approved by shareholders of corporation at a special meeting held on Feb. 21, 2020.
The change of name is intended to better reflect the corporation’s continuing focus on investments across a variety of sectors in North America. The continuation is intended to provide management of the corporation with increased flexibility, and to reduce administrative costs. There have been no changes to the operations or activities of the corporation in connection with the continuation, and the change of name. Effective at the market open on March 11, 2020, the common shares of the corporation will commence trading on the Canadian Securities Exchange under the new name and the existing ticker symbol BLR.
Shareholders of the corporation are not required to take any action as a result of the change of name and continuation, and certificates representing common shares under the former name will not need to be exchanged as a result of either transaction. For further information regarding the change of name, and the continuation, shareholders are advised to review the management information circular prepared by the corporation in connection with the meeting, a copy of which is available under the profile for the corporation on SEDAR.
The company also announces that it will issue 223,810 common shares, at a deemed price of five cents per share, to settle outstanding indebtedness of $11,190 owing to its chief financial officer, in connection with services previously provided to the company. The shares issued in connection with the settlement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.
The issuances of shares to the chief financial officer is considered a related party transaction within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. The company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the issuance of the shares as neither the fair market value of, nor the fair market value of the consideration for, the transaction exceeds 25 per cent of the company’s market capitalization.
For further information please contact:
Frederick Pels, Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including with respect to the fulfillment of an order for the delivery of COVID-19 testing kits, and anticipated future orders. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.