Major approval finally received
GEONOVUS UNDERTAKES FUNDAMENTAL CHANGE OF BUSINESS AND NAME CHANGE
GeoNovus Minerals Corp.'s listing statement filed with the Canadian Securities Exchange to effect a fundamental change (see news release dated Feb. 13, 2015) has been approved, subject to a financing to be completed by the company. The fundamental change will change its primary focus from resource exploration to the media and entertainment industry. GeoNovus has identified opportunities throughout North America and feels it is poised to capitalize on these opportunities very quickly.
In connection with the business change, the company is in the process of effecting a name change to GeoNovus Media Corp., with the symbol GNM expected to remain.
It is currently expected that the company will seek shareholder approval of the fundamental change of business and name change by way of obtaining consents from shareholders holding 50 per cent or more of the company's issued and outstanding common shares.
The company also announces that it has arranged a non-brokered private placement of up to 12.5 million non-flow-through units at a price of two cents per unit for aggregate gross proceeds of $250,000. Each NFT unit will be composed of one common share and one-half of one share purchase warrant of the company. Each NFT warrant entitles the holder to purchase an additional share at a price of five cents per share for a period of 12 months. Proceeds from the NFT offering will be used for the company's short-term payables and for general working capital. This financing is subject to the company obtaining a waiver from the CSE.
