Western Troy Announces Termination of Proposed Reverse Takeover Transaction with Churchill Diamond Corporation
TORONTO, May 06, 2020 (GLOBE NEWSWIRE) — Western Troy Capital Resources (NEX: WRY.H) (“Western Troy or the Company”) announces that further to its press release of December 5, 2019, the proposed reverse takeover transaction (the “Transaction”) with Churchill Diamond Corporation (“Churchill”) has been terminated in accordance with the provisions of the letter of intent dated December 4, 2019 (the “LOI”) between the Company and Churchill. As a result of unfavorable market conditions, Churchill was unable to complete the concurrent financing necessary to complete the Transaction. In connection with the termination of the Transaction, Western Troy will request approval from the TSX Venture Exchange for resumption of trading as soon as possible. Western Troy continues to evaluate and review alternative opportunities for the acquisition of an interest in mineral properties, corporations, assets or businesses by way of business combination, or otherwise, that will enhance shareholder value. Contact Information:Western Troy Capital Resources
Stephen Dunn, Director
Email : Dunnsteve@protonmail.comCAUTIONARY STATEMENT:Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Western Troy. Forward-looking statements include estimates and statements that describe Western Troy’s future plans, objectives or goals, including words to the effect that Western Troy or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Western Troy, Western Troy provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward- looking information. Forward looking information in this news release includes, but is not limited to, Western Troy’s objectives, goals or future plans, statements (including the terms, conditions and objectives of the Transaction), details of the exploration results, potential mineralization, the company’s portfolio, treasury, management team and enhanced capital markets profile, the receipt of regulatory approvals for the Offering, the receipt of regulatory approvals of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction and the Offering on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Western Troy’s public documents filed on SEDAR. Although Western Troy believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Western Troy disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.