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Nitinat Minerals Corp To Acquire Arax Energy Inc-Canada Stockwatch


Sunday, 12 May 2013 08:00pm EDT 

Canada Stockwatch reported that Nitinat Minerals Corp. has entered into a letter of intent dated May 7, 2013, with Arax Energy Inc. Pursuant to the letter of intent, the corporation will acquire all of the issued and outstanding shares of Arax in exchange for common shares in the capital of the corporation. The consideration shares shall have an aggregate value of $8,812,500, and the price per consideration share shall be determined in the context of the market. Arax is a private company, which presently owns 47% of Techniton LLC. Arax is majority owned by Firebird Management LLC, a private American company that manages four private funds dedicated to investment in publicly traded equities of companies operating in the former Soviet Union and early-stage Eastern European countries, as well as two global portfolio equity funds and a limited life fund dedicated to local Mongolian securities. Closing is subject to the execution of a definite agreement between the corporation and Arax, and the receipt of all shareholder and/or regulatory approvals, including that of the TSX Venture Exchange. 

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16 Dec 2014