UCAD News
U.S. Canadian Minerals Inc. Announces Financier Cleared for Trading on London Stock Exchange
Wednesday October 6, 3:32 pm ET
LAS VEGAS--(BUSINESS WIRE)--Oct. 6, 2004--U.S. Canadian Minerals Inc. (OTCBB: UCAD - News) announced today that Langley Park Investment Trust Plc was admitted to the Full List of the London Stock Exchange and that dealings in Langley shares will commence on Oct. 7, 2004. U.S. Canadian had previously signed an agreement with Langley to engage in a transaction for the funding of the company. The agreement calls for the purchase, by Langley, of U.S. Canadian Minerals Inc. common shares, valued at the time of the closing at $9,005,355 USD, in exchange for shares of the investment company.
Langley has been established specifically to invest in U.S. micro cap companies with long-term growth potential.
Langley has entered into a "lock-up" agreement with U.S. Canadian Minerals Inc. pursuant to which it has agreed not to trade U.S. Canadian Minerals Inc. shares it will receive as a result of this transaction for a period of two years from the closing date. In full payment for the shares of U.S. Canadian Minerals Inc., Langley will issue to U.S. Canadian Minerals Inc. $9,005,355 USD equivalent of its shares at a price per share valued at One Pound Sterling.
Fifty percent of Langley's shares issued to U.S. Canadian Minerals Inc. will be held in escrow for two years following their issuance and in the event the per share market price of U.S. Canadian Minerals Inc. common stock at such time is less than the per share value of U.S. Canadian Minerals Inc. stock at the time of the closing, Langley shall be entitled to the return out of escrow a percentage of the investment company's shares equal to the market value of such decline. The remaining shares held in escrow shall be released to U.S. Canadian Minerals Inc. at the time of any such release back to Langley.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained in this document which are not historical fact are forward-looking statements based upon management's current expectations that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements.
