09/26/2016 | 04:33 pm
Release date- 23092016 - Sojourn Ventures Inc announces that it will not be proceeding with the proposed acquisition of Euroclub Holdings Ltd. which was the subject of the letter of intent described in Sojourn's press releases of January 6, 2016 and March 30, 2016.
'We believe that Euroclub has a bright future, but unfortunately the timelines to effect the going public process became too protracted', remarked Joel Dumaresq, CEO of Sojourn. 'As such the Sojourn board felt that it was in the shareholders' best interests to pursue alternative opportunities.
We wish Euroclub success in its future endeavours.' Further, having been unsuccessful in completing a transaction in the technology/industrial sectors, the Sojourn board of directors have decided to refocus on evaluating resource and mineral exploration opportunities.
Consequently, the Company will be advancing its exploration program on the Tahsis property and expanding its search for new mineral exploration opportunities. In connection with the LOI, Sojourn advanced to Euroclub $100,000 pursuant to a promissory note (the 'Note'). As all obligations between the two parties under the LOI have lapsed, Euroclub is required to repay the loan, with accrued interest, no later than January 18, 2017. As a condition of the Note, Sojourn maintains a general security interest over Euroclub's assets.
Contact:
Joel Dumaresq
Tel: (604) 336-3193
Email: joel@matrixpartners.us
This news release contains statements about Sojourn's expectations regarding the Proposed Transaction that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although Sojourn believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to come to an agreement respecting the Proposed Transaction. The forward-looking statements contained in this news release are made as of the date hereof, and Sojourn undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
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