P2P Health Systems Inc.

September 02, 2009 14:05 ET

P2P Update on Change of Business

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2009) - P2P Health Systems Inc. (the "Company") (NEX:PTP.H) announces that it has set its special meeting of shareholders for October 19, 2009 (the "Meeting") to consider its change of business into the mining sector, consolidation and name change, all as more particularly described in its June 3, 2009 press release. The Company anticipates mailing Meeting materials on or before September 22, 2009.

The Company is continuing to finalize definitive documentation with Salares Atacama SCM ("SALA") and its shareholders in connection with the Company's option to acquire up to a 70% interest in the outstanding share capital of SALA and indirectly the seven salares (brine lakes) known as Piedra Parada, Grande, Aguilar, Agua Amarga, La Isla, Las Parinas and Maricunga in Chile's Region III, 100% owned by SALA (the "Concessions"). The Company anticipates filing on SEDAR a National Instrument compliant technical report regarding the Concessions shortly, thus satisfying one of the requirements to earn its initial 50% interest in SALA. The transaction will result in the Company's reactivation and graduation from the NEX Board to the TSX Venture Exchange. The change of business remains subject to regulatory approval and approval by the Company's shareholders at the Meeting.

In order to meet the Company's short-term working capital requirements regarding transactional costs associated with the change of business, the Company has negotiated, subject to regulatory approval, an unsecured non-convertible loan with an arm's length party in the aggregate amount of up to $150,000 (the "Loan"). The Loan will bear interest at the rate of 2.5% per annum and will be repayable upon demand by the lender. The Loan will be repaid utilizing proceeds from the private placement announced on June 3 and September 1, 2009, respectively, once such funds are released from escrow.

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 release.

Contact Information

  • P2P Health Systems Inc.
    Todd Hilditch
    President and CEO
    (604) 443-3831