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VANCOUVER, British Columbia, Oct. 20, 2017 (GLOBE NEWSWIRE) -- Micron Waste Technologies Inc. (the “Company”) (CSE:MWM), formerly Finore Mining Inc. (CSE:FIN), is pleased to announce that it completed its previously announced acquisition (the “Transaction”) of Micron Waste Technologies Inc. (“Micron”). In connection with the Transaction, the Company consolidated its common shares on the basis of one post-consolidation share for each two pre-consolidation shares (the “Consolidation”) and changed its name to “Micron Waste Technologies Inc.” The Transaction constitutes a “fundamental change” pursuant to Policy 8 – Fundamental Changes and Change of Business of the Canadian Securities Exchange (the “Exchange”) and the Company will carry on the business of Micron.
The Exchange issued its conditional approval of the Transaction on September 29, 2017. The Company’s post-Consolidation common shares (the “Common Shares”) will resume trading on the Exchange under the new ticker symbol “MWM” after the Exchange’s conditions for listing are satisfied and the Exchange issues its final bulletin confirming the completion of the Transaction. The Company’s Common Shares are anticipated to resume trading next week.
Micron Waste Technologies Inc. has developed an innovative technology that transforms organic waste into clean water that meets municipal effluent discharge standards on site. The Micron technology is targeted for supermarkets, restaurants and marijuana producers seeking to reduce costs and improve efficiency in the processing of organic waste. Micron's technology is currently being used by a major B.C. food retailer and has been in operation since December 2016. Micron is also in advanced discussions with quick service restaurants to install the Micron Waste Systems at fast food restaurants to handle their organic waste on site. In addition, Micron is in advanced discussions with an industry leading marijuana cultivator in Canada to develop and install the Micron Waste System at their licensed cultivation facilities. For more information about Micron, please visit www.micronwaste.com
The Company acquired all of the issued and outstanding shares of Micron through a three cornered amalgamation involving a wholly-owned subsidiary of the Company and Micron. Pursuant to the Transaction, the Company issued to the shareholders of Micron an aggregate of 28,877,000 Common Shares. Outstanding Micron common share purchase warrants by their terms became exercisable for an aggregate of 27,044,200 Common Shares at their existing exercise prices of $0.25 to $0.50 per share.
With the completion of the Transaction, the Company has 60,263,765 Common Shares issued and outstanding (on an undiluted basis). The principals of the Company collectively hold 8,263,500 Common Shares, all of which are subject to an Escrow Agreement pursuant to the policies of the Exchange. The company is well funded with approximately $5.5M in working capital and zero debt.
In connection with the completion of the Transaction, the Company is pleased to announce its board of directors as follows: Rav Mlait, Kulwant Malhi, Bharat (Bob) Bhushan, Cam Battley and Dr. Hyder Khoja. In addition, Mr. Mlait will serve as Chief Executive Officer and Mr. Sadhra will serve as Chief Financial Officer.
ON BEHALF OF THE BOARD
Rav MlaitChief Executive Officer and Director
For further information contact:
Investor Relations phone: 844-318-8216, email: firstname.lastname@example.org.
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
The Exchange does not accept responsibility for the adequacy or accuracy of this release