Eros Resources Corp. Announces that Owl Capital Corp. Receives TSX-V Conditional Approval for Qualifying Transaction
NEWS RELEASE
NR: 19-03
December 19, 2019
Eros Resources Corp. Announces that Owl Capital Corp. Receives TSX-V
Conditional Approval for Qualifying Transaction
December
19,
2019
–
Vancouver,
British
Columbia.
Eros
Resources
(TSX.V:
ERC)
(“Eros”
or
the
“Company”)
is
pleased
to
announce
that
Owl
Capital
Corp.
(“Owl”
TSX-V:
OCC.P)
has
received
conditional
approval
of
its
qualifying
transaction
to
acquire
an
option
to
earn
a
75%
in
the
Oro
Cruz
Gold
Project,
located
in
California,
USA,
and
an
85%
interest
in
the
Eastgate
Gold
Project,
located
in
Nevada,
USA,
(the
“
Qualifying
Transaction
”)
pursuant
to
the
policies
of
the
TSX
Venture
Exchange
(the
“
Exchange
”).
Readers
are
referred
to
the
filing
statement
of
Owl
dated
December
10,
2019
which
was
prepared
in
accordance
with
the
requirements
of
the
Exchange
and
filed
under
Owl's
issuer
profile
on SEDAR at
www.sedar.com
.
Owl
has
also
filed
an
independent
technical
report
(the
"
Technical
Report
")
regarding
the
Oro
Cruz
Gold
Project,
prepared
by
Frank
Hrdy,
P.Geo.,
in
accordance
with
the
requirements
of
National
Instrument 43-101 on SEDAR at
www.sedar.com
.
Eros
had
signed
a
term
sheet
dated
April
10,
2019
(the
“Agreement”)
with
Owl
Capital
Corp.
(“Owl”
TSX-V:
OCC.P)
regarding
the
sale
of
the
Company’s
interests
in
the
Oro
Cruz
and
Eastgate
projects
as
well as Eros’ shareholding and warrant position in Bullfrog Gold Corp.
On closing of the Transaction, Eros will own 14,302,940 shares of Owl, representing 35.9% of the
approximately 39,800,000 total issued and outstanding shares of Owl.
For
more
information
regarding
the
transaction,
please
refer
to
Eros’
news
release
from
April
25th,
2019.
About Owl Capital Corp.
Owl
is
a
Capital
Pool
Company
within
the
meaning
of
the
policies
of
the
Exchange,
has
not
commenced operations and has no assets other than cash.
About Eros
Eros
Resources
Corp.
is
a
Canadian
public
company
focused
on
the
exploration
and
development
of
resource
projects
in
North
America.
Eros
has
as
its
prime
business
objective
the
selection
of
strategic
investments
with
a
Canadian
focus
and
a
diverse
commodity
base.
The
Company’s
expertise
in
the
resource sector supports the selection of these strategic investments.
On Behalf of the Board of Directors of EROS Resources Corp.
Ronald K. Netolitzky
President & CEO
NEITHER
THE
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 RELEASE.
Information
set
forth
in
this
news
release
may
contain
forward-looking
statements.
These
statements
reflect
management’s
current
estimates,
beliefs,
intentions
and
expectations;
they
are
not
guarantees
of
future
performance.
Eros
and
Owl
cautions
that
all
forward-looking
statements
are
inherently
uncertain
and
that
actual
performance
may
be
affected
by
a
number
of
material
factors,
many
of
which
are
beyond
Eros’
and
Owl’s
control.
Such
factors
include,
among
other
things:
risks
and
uncertainties
relating
to
Eros’
and
Owl’s
ability
to
complete
the
proposed
Qualifying
Transaction;
and
other
risks
and
uncertainties.
Accordingly,
actual
and
future
events,
conditions
and
results
may
differ
materially
from
the
estimates,
beliefs,
intentions
and
expectations
expressed
or
implied
in
the
forward-looking
information.
Except
as
required
under
applicable
securities
legislation,
Eros
and
Owl
undertakes
no
obligation to publicly update or revise forward-looking information.
Completion
of
the
transaction
is
subject
to
conditions,
including
but
not
limited
to,
Exchange
acceptance
and,
if
applicable,
pursuant
to
Exchange
Requirements,
majority
of
the
minority
shareholder
approval.
Where
applicable,
the
transaction
cannot
close
until
the
required
shareholder
approval
is
obtained.
There
can
be
no
assurance
that
the
transaction
will
be
completed
as
proposed
or
at all.
Investors
are
cautioned
that,
except
as
disclosed
in
the
management
information
circular
or
filing
statement
to
be
prepared
in
connection
with
the
transaction,
any
information
released
or
received
with
respect
to
the
transaction
may
not
be
accurate
or
complete
and
should
not
be
relied
upon.
Trading
in
the securities of a capital pool company should be considered highly speculative.
The
TSX
Venture
Exchange
has
in
no
way
passed
upon
the
merits
of
the
proposed
transaction
and
has
neither approved nor disapproved the contents of this press release.
A
halt
in
trading
shall
remain
in
place
until
after
the
Qualifying
Transaction
is
completed
or
such
time
that acceptable documentation is filed with the TSX Venture Exchange.
EROS Resources Corp.
For more information, please contact:
Suite 420 - 789 West Pender Street
Lubica Keighery
Vancouver, British Columbia,
VP Corporate Development
Canada, V6C 1H2
c: 778-889-5476
T: 604-688-8115
w:
www.erosresourcescorp.com
Owl Capital Corp.
Suite 880 - 580 Hornby Street,
Vancouver, BC, V6C 4B6
James Hutton, CEO
(604) 328-7515