(MENAFN- Newsfile Corp) XIB I Capital Corp. Receives Conditional Acceptance for Qualifying Transaction with MR Exploration PNG Pte Ltd. and Files Filing Statement
Vancouver, British Columbia--(Newsfile Corp. - February 12, 2021) - XIB I Capital Corp. (TSXV: XIB.P) (" XIB ") is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the " Exchange ") for its previously announced proposed Qualifying Transaction (the " Transaction ") with MR Exploration PNG Pte Ltd. (" MRE ") including the concurrent private placements, which is substantially described in XIB's news releases dated September 14, 2020, November 12, 2020, November 27, 2020 and December 29, 2020.
In accordance with the requirements of the Exchange, a filing statement in respect of the Transaction dated February 12, 2021 (the " Filing Statement ") has been filed with the Exchange. In addition, XIB has filed with the Exchange the technical report dated February 1, 2021 and entitled "NI 43-101 Technical Report on the Feni Gold-Copper Property, New Ireland Province, Papua New Guinea", prepared by Mark Berry (MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Ian Ryan Roy (MAIG) of Derisk Geomining Consultants Pty Ltd. and the technical report dated February 1, 2021 and entitled "NI 43-101 Technical Report on the Fergusson Gold Property, Milne Bay Province, Papua New Guinea", prepared by Mark Berry (MAIG), Simon Tear (MIGI PGeo), Matthew White (MAIG) and Ian Ryan Roy (MAIG) of Derisk Geomining Consultants Pty Ltd. (collectively, the " Technical Reports "), each a National Instrument 43-101 - Standards of Disclosure for Mineral Projects compliant technical report which supports the scientific and technical disclosure contained in the Filing Statement regarding the Feni Gold-Copper Property and the Fergusson Gold Property, respectively. The Filing Statement and Technical Reports can be found under XIB's SEDAR profile at .
On January 28, 2021, XIB, MRE, Mayur Resources Limited and Adyton Resources Finance Company Ltd. extended the time for completion of the Transaction under the share purchase agreement among them dated November 12, 2020 from January 29, 2021 to February 22, 2021. Subject to fulfillment of all conditions to closing, the Transaction is expected to close on or about February 17, 2021, including the completion of the consolidation of the outstanding common shares of XIB on a 2.62 for 1 basis and the change of its name to "Adyton Resources Corporation" in connection therewith.
Upon completion of the proposed Transaction, the resulting issuer Adyton Resources Corporation is expected to be listed on the Exchange as a Tier 1 mining issuer under the ticker symbol "ADY". Issuance of the Final Exchange Bulletin, and the resumption of trading in the resulting issuer's shares on the Exchange remains subject to the completing of customary filings required by the policies of the Exchange.
For additional information concerning the Transaction and the foregoing matters in connection therewith, please refer to XIB's news releases dated September 14, 2020, November 12, 2020, November 27, 2020 and December 29, 2020 and the Filing Statement, all of which are available under XIB's SEDAR profile at .
For further information please contact Ted Browne, CEO of XIB, by email at or by telephone at 647-943-0736.
Notice on Forward-Looking Information
Information set forth in this news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Often, these forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "continue", "projected", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect management's current estimates, beliefs, intentions and expectations regarding the future, including, but not limited to, the completion of the Transaction and related transactions, including the consolidation and name change, and the conditions to be satisfied for the completion of these transactions. Such statements are not guarantees of future performance. They are subject to assumptions, known and unknown risks and uncertainties and other factors that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of XIB. Such factors include, among other things: the requisite regulatory and corporate approvals may not be obtained; and other risks that are customary to transactions of this nature. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits XIB will obtain from them. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Except as required under applicable securities legislation, XIB undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
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