Life Sciences Announces Change of Business
09 Novembro 2011 - 9:30PM
Marketwired
Life Sciences Institute Inc. (TSX VENTURE:LSN) (the "Company") is
pleased to announce that it has received final TSX Venture Exchange
(the "TSXV") which includes the acceptance of the non-arm's length
acquisition (the "Acquisition") of certain oil and gas related
assets (the "Assets") followed immediately by the disposition (the
"Disposition") of all the assets and liabilities used in, or
otherwise relating to, the education business currently carried out
by the Company (the "Education Assets").
Partial consideration for the Acquisition included the issuance
of an aggregate of 2,175,000 common shares in the capital of the
Company.
The Company has also completed the Disposition of the Education
Assets to the current management of the Company at a price of
$998,502 with the purchase price being paid as to $734,326 by way
of assumption of all indebtedness and liabilities of the Company
relating to the Education Assets and $264,176 by way of assumption
of promissory notes related to the Acquisition.
The Company anticipates that trading will commence as an "oil
and gas issuer" at the open of trading on Thursday, November 10,
2011 and the Company's shares will continue to trade under the
symbol "LSN". The Company's COB was previously approved by
shareholders at a meeting held June 3, 2010.
The board of directors of the Company now consists of Leonard
Van Betuw, Jeffrey Decter, Scott Reeves, Dan Harding and Leonard
Zaseybida. The management team comprises Leonard Van Betuw as
President and Chief Executive Officer and Dan Harding as Chief
Financial Officer.
Pursuant to an escrow agreement dated September 28, 2011 among
the Company, the Company's transfer agent and certain Company
principals, 4,025,000 common shares of the Company held by Company
principals will be subject to escrow, with 10% released on the
issuance of the final Exchange Bulletin and an additional 15%
released each six months thereafter for 36 months.
This news release includes forward-looking statements that are
subject to risks and uncertainties. All statements within, other
than statements of historical fact, are to be considered forward
looking. Although the Company believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploration and
development successes, continued availability of capital and
financing, and general economic, market or business conditions.
There can be no assurances that such statements will prove accurate
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. We do not assume any obligation to update
any forward-looking statements.
Neither 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 release.
Contacts: Life Sciences Institute Inc. Leonard Van Betuw
President and Chief Executive Officer 403-984-3917
Life Sciences Institute Inc. (TSXV:LSN)
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