VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 29, 2017) - ORD MOUNTAIN RESOURCES CORP. ("Ord") (NEX:OMR.H),
a capital pool company, announces that it has entered into an extension agreement with Penta 5 Packaging Inc. ("Penta 5") whereby Ord has agreed to extend the completion deadline for closing of the acquisition of Penta 5 (the "Transaction") to May 31, 2017 (the "Extension"). In consideration of the Extension, Penta 5 paid an additional non-refundable deposit of USD $15,000 to Ord.
Ord also wishes to announce that Penta 5 is contemplating certain amendments to the terms of the previously announced non-brokered private placement. Once the contemplated amendments to the terms of the private placement financing are accepted of the TSX Venture Exchange, Ord will issue a comprehensive news release to outline the details of the amendments.
About Penta 5 Packaging Inc.
Penta 5 was incorporated on January 21, 2016 under the laws of the province of British Columbia. Prior to the completion of the Transaction, Penta 5 will acquire all of the members interest of Penta 5 USA, LLC ("Penta 5 USA"). Penta 5 USA was organized as a limited liability company under the laws of the State of Florida on June 2, 2014. Penta 5 USA is a contract packaging service company engaged in the following segments: (i) beverages, (ii) industrial and (iii) medical packaging, (the "Penta 5 Business"). The Penta 5 Business is focused on two different business offerings:
- Penta 5's contract packaging business which operates through Redi-2-PaQ Home Products, LLC ("Redi-2-PaQ"); and
- Penta 5's consumer products business which operates through the following entities:
- MosquitoPaQ, LLC which is offers products to protect against mosquito bites;
- BeerPaQ, LLC which offers pouches to the craft beer industry as well as for outdoor activities;
- BevPaQ, LLC which offers water in pouches for human consumption; and
- DnR, LLC which offers pouches for the medical industry and products for humanitarian groups.
Penta 5 utilizes unique packaging systems that are engineered to meet specific customer demands.
Ord was incorporated on January 7, 2009 under the laws of the Province of British Columbia under the name Silverland Capital Corp. On May 25, 2010, Ord completed its initial public offering. Ord's common shares were listed for trading on the Exchange under the symbol "SV.P" on May 28, 2010. Ord changed its name from "Silverland Capital Corp." to "Sino Environ-Energy Tech Corp." on December 24, 2010 and continued out of British Columbia and into the Cayman Islands as its corporate jurisdiction. Effective December 16, 2011, Ord changed its name from "Sino Environ-Energy Tech Corp. to "Ord Mountain Resources Corp." On February 15, 2012, Ord's shares started trading under the symbol "OMR.P". Ord is a CPC as defined by the CPC Policy. As disclosed in its final prospectus dated May 7, 2010, Ord's business has been restricted to the identification and evaluation of businesses or assets for the purpose of completing its Qualifying Transaction.
Information set forth in this news release contains forward-looking statements. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Ord cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Ord's control. Such factors include, among other things: risks and uncertainties relating to Ord's ability to complete the proposed Transaction; and other risks and uncertainties, including those described in Ord's Filing Statement dated November 28, 2016 filed with the Canadian Securities Administrators and available on www.sedar.com. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Ord undertakes no obligation to publicly update or revise forward-looking information.
Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority 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 or filing statement 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 a capital pool 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 press release.
A halt in trading shall remain in place until after the Transaction is completed or such time that acceptable documentation is filed with the TSX Venture Exchange.
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.