VANCOUVER, BC / ACCESSWIRE / July 24, 2015 / Jemi Fibre Corp. (TSXV: JFI) (“Jemi Fibre” or the “Company”) announces that, further to the disclosure requirements under the “non-arm’s length transaction” policies of the TSX Venture Exchange (the “Exchange”), Jemi has agreed to acquire all of the issued and outstanding shares of Bond Ventures Ltd. (“Bond”) in consideration for the issuance to the vendors of a demand promissory note in the amount of $160,000.
Bond owns a portion of the trucking assets utilized in the Company’s operations. Jemi Fibre intends to amalgamate all of its trucking operations, currently consisting of approximately 40 trucks and related equipment, into Bond. The trucking division is an integral part of Jemi Fibre’s business and the Company anticipates expanding this division more than threefold over the next 3 to 5 years.
The shareholders of Bond, being RGM Holdings Ltd. (“RGM”) and Jacob Blackmore, are not dealing at arm’s length with Jemi Fibre in that Mike Jenks and Georgina Martin, directors of Jemi Fibre, are directors of RGM, and Jacob Blackmore is an insider of Jemi Fibre. Accordingly, each of these transactions will constitute a “non-arm’s length transaction”, as defined in Exchange Policy 2.4.
The transactions are subject to acceptance by the Exchange and other customary conditions of closing.
The Company further announces that Tom Stefan has been appointed to the Company’s board of directors and has also been appointed to Chair of the Audit Committee. In order for the Audit Committee to meet the requirements for member independence as prescribed by securities regulators, Georgina Martin, Executive Vice-Chair is no longer a member of the Audit Committee. The Audit Committee now consists of Tom Stefan (Chair), Randy Hayward and Cornelius O’Connell. In connection with Mr. Stefan’s appointments, he has also stepped down as Chief Financial Officer of the Company. The Company is pleased that Mr. Stefan will continue his involvement with the Company as a director, which will further strengthen the board’s experience and expertise in financial and regulatory matters. In addition, Darb Dhillon, the Company’s Controller, has been appointed Vice President, Finance and will assume Mr. Stefan’s financial accounting, reporting and budgeting management role.
Additionally, the Company announces that in accordance with its annual option grant, an aggregate of 3,718,000 options have been granted to directors, officers, employees and consultants of the Company. The options are exercisable at $0.60 per share for five years. The grant of options is subject to the approval of the Exchange, subject to applicable regulatory hold periods and the termination provisions of the Company’s stock option plan.
For further information, please contact:
Brent Lokash, President
Tel: 1-604-428-1075 ext: 200
Email: brent.lokash@jemifibre.com
About Jemi Fibre
Jemi Fibre is a Western Canadian based forest products company which trades on the TSX Venture Exchange under the symbol JFI. Jemi Fibre’s operations consist of private timberlands and Crown forest licenses, a full service contract logging division, a sawmill producing high value lumber products and wood treatment facilities producing posts and lumber for agricultural use.
Forward Looking Statements
Certain statements included herein constitute forward-looking statements. The words “expect”, “intend”, “anticipate”, “propose” and “may” and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, such risks, uncertainties and other factors set forth under “Risk Factors” in the Company’s current MD&A filed with the British Columbia Securities Commission. Forward-looking statements are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management teams of Jemi, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks and accordingly may not occur as described herein or at all. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Jemi Fibre Corp.
ReleaseID: 430826
