Arrowstar's Corporate LOI Update
Vancouver, British Columbia (FSCwire) - Phillip Thomas, President of Arrowstar Resources Ltd. (“Arrowstar” or the “Company”) (TSX.V: AWS), is pleased to update the shareholders of Arrowstar on its progress on a letter of intent announced on June 13, 2018 (the “LOI”) to enter into an arm’s length Share Purchase (the “Transaction”) with Dr. Carlos Sorentino and Lucian C. Sorentino who are the beneficial owners of 100% of the issued and outstanding shares in Recycle Fuel Technologies (RFT) Inc. (“RFT”). RFT, on closing, will become a wholly owned subsidiary of Arrowstar.
The Company is progressing on its due diligence of RFT. The Company has also been informed by RFT that RFT is progressing on audited financial statements, supporting documentation and an independent fairness opinion. The independent fairness opinion is required to confirm the valuation of the RFT business and German pilot plant. Shareholder approval will be required for the Transaction.
The Transaction constitutes a change of business and upon the completion of the Transaction the Company will be listed as a Tier 2 Industrial issuer. As a result, in accordance with TSX.V policies, trading in the securities of the Company will remain halted until the Company has filed requisite documents under TSX.V policies.
On Behalf of the Board of Directors,
Arrowstar Resources Ltd.
747-200-9412 – Phil Thomas
“Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.”
Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Company's transaction. When used in this document, the words such as "could,” “plan,” "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Arrowstar believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading “Risk Factors” and elsewhere in the corporation’s periodic filings with Canadian securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
Source: Arrowstar Resources Ltd. (TSX Venture:AWS, FWB:D2EN)
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