Hopefield Ventures Terminates Definitive Agreement with Madali Ventures for Qualifying Transaction
VANCOUVER, BC – TheNewswire - September 29, 2022 – Hopefield Ventures Inc. (TSXV:HVI.P) (“Hopefield”) announces that it has terminated the share exchange agreement (the “Share Exchange Agreement”) with Madali Ventures Inc. (“Madali”) and the shareholders of Madali, which was announced on February 1, 2022.
Hopefield will continue to seek a qualifying transaction in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and will provide further updates in due course. A bridge loan of $100,000 (the “Loan Amount”) was advanced by Hopefield to Madali, as announced on July 19, 2022, in connection with the proposed transaction. The Loan Amount, plus interest owing, is due and repayable by Madali within thirty days of the termination of the Share Exchange Agreement.
Trading in the common shares of Hopefield was halted as of December 9, 2021 in connection with the execution of a letter of intent with Madali, which was superseded by the Share Exchange Agreement. Hopefield will seek to resume trading on the Exchange as soon as possible.
Hopefield is a “capital pool company” within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the Exchange's CPC policy, until the completion of its Qualifying Transaction (as defined under the policies of the Exchange), Hopefield will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed Qualifying Transaction.
For further information, please contact:
Mark Binns, Chief Executive Officer
Telephone: (604) 681-0084
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.
This news release may contain certain “Forward-Looking Statements” as defined under applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to: identifying a potential qualifying transaction; repayment of amounts owed to Hopefield by Madali; and the resumption of trading of Hopefield’s common shares.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management of Hopefield considers these assumptions to be reasonable based on information currently available, there is no assurance that such expectations will prove to be correct. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and changes in government regulation and regulatory compliance. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained in this news release is stated as of the date of this news release. Hopefield does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.