Lamaska Capital Receives Conditional Approval FOR and Provides Update ON Qualifying Transaction with Tinone Resources
LAMASKA CAPITAL CORP.
NEWS RELEASE
LAMASKA CAPITAL RECEIVES CONDITIONAL APPROVAL FOR AND PROVIDES
UPDATE ON QUALIFYING TRANSACTION WITH TINONE RESOURCES
July 22, 2021 - Lamaska Capital Corp (TSX-V:LCC.P) (“Lamaska” or the “Company”) is pleased
to announce that it has received conditional acceptance from the TSX Venture Exchange (the
“TSX-V”) for its proposed qualifying transaction with TinOne Resources Corp. (“ TOR”) (the
“Transaction”). Pursuant to the Transaction, Lamaska will issue a total of 27,643,201 common
shares (the “Lamaska Shares”) to former shareholders of TOR.
The completion of the Transaction is subject to a number of conditions, including, but not limited
to, receipt of all required regulatory approvals, including final TSX-V acceptance, completion of
the Concurrent Financing (as defined below), approval of the QT by TOR shareholders, and
satisfaction of other customary closing conditions. Assuming all conditions are satisfied, closing
of the Transaction is expected to occur in the third quarter of 2021. The trading symbol of the
Company post-closing of the Transaction will be “GMCO”. Upon completion of the Transaction,
the Company is expected to meet all of the minimum listing requirements of the TSX-V for a Tier
2 Mining issuer. Sponsorship of the Transaction has been waived by the TSX-V.
In connection with closing of the Transaction, the Company will conduct a private placement of a
minimum of 20,000,000 Lamaska Shares and a maximum of 24,000,000 Lamaska Shares at a
price of $0.25 per share for gross proceeds of between $5,000,000 and $6,000,000 (the
“Concurrent Financing”).
A filing statement (the “Filing Statement”) in respect of the Transaction has been prepared in
accordance with the requirements of the TSX-V and will be filed under Lamaska’s issuer profile
on SEDAR at www.sedar.com. Trading of the Company’s will remain halted until completion of
the Transaction.
Further details regarding the Transaction are set out in the Company’s news releases dated
November 12, 2020 and December 14, 2020.
About TinOne Resources
TOR is a privately-held mining exploration company with its head office in Vancouver, British
Columbia.
TOR's mineral exploration activities are focused on underexplored regions in Eastern Australia
and New Zealand with an immediate strategy to assemble a portfolio of high quality gold assets
within those regions. In addition to the above, TOR is planning low level exploration work to be
undertaken on its Tasmanian and NSW tin properties to provide the base for capturing initial value
in a strengthening tin market.
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Details from TOR’s financial statements are as follows:
For the year-ended
June 30, 2020
(Audited)
For the nine-months ended
March 31, 2021
(unaudited)
Assets 691,623 1,076,042
Liabilites 452,987 494,342
Equity 238,636 581,700
Revenue Nil Nil
Net loss 283,565 287,699
About the Company
The Company is a capital pool company within the meaning of the policies of the TSX-V that has
not commenced commercial operations and has no assets other than cash. The current directors
and officers of the Company consists of Anton Drescher (Director, President, Chief Executive
Officer and Corporate Secretary), Rowland Perkins (Director), David Cross (Chief Financial
Officer) and David Brett (Director).
For further information please contact:
Anton Drescher
Director, President, Chief Executive Officer and Corporate Secretary
Tel. (604) 685-1017
Completion of the Transaction is subject to a number of conditions, including but not limited to,
Exchange acceptance. The Transaction cannot close until the required approvals are obtained,
and the outstanding conditions satisfied. 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 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 the 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. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities
laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”,
“target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-
looking statements or information. These forward-looking statements or information may relate
to proposed financing activity, regulatory or government requirements or approvals, the reliability
of third party information and other factors or information. Such statements represent the
Company’s current views with respect to future events and are necessarily based upon a number
of assumptions and estimates that, while considered reasonable by the Company, are inherently
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subject to significant business, economic, competitive, political and social risks, contingencies
and uncertainties. Many factors, both known and unknown, could cause results, performance or
achievements to be materially different from the results, performance or achievements that are or
may be expressed or implied by such forward-looking statements. The Company does not intend,
and does not assume any obligation, to update these forward-looking statements or information
to reflect changes in assumptions or changes in circumstances or any other events affecting such
statements and information other than as required by applicable laws, rules and regulations.