Amana firms up deal to buy Int’l Wastewater for $6.3MM
Amana Copper Ltd. has signed a definitive agreement dated Sept. 4, 2015, with International Wastewater Systems Inc. and its shareholders, pursuant to which Amana will acquire 100 per cent of the issued and outstanding common shares of IWS.
Pursuant to the terms of the definitive agreement, on closing of the transaction: (i) Amana will issue to the IWS shareholders a total of 45 million Amana common shares at a deemed price of 14 cents per consideration share for total aggregate consideration of $6.3-million; (ii) the resulting issuer will be renamed International Wastewater Systems Inc. and will continue the business of IWS, a world leader in waste water heat exchange technology; (iii) management of the resulting issuer will be led by Lynn Mueller, chairman and chief executive officer, and Yaron Conforti, chief financial officer, and the board of directors will comprise Mr. Mueller, Mr. Conforti, Mark McCooey and Paul Lee.
All consideration shares will be subject to escrow conditions and/or resale restrictions, as required by applicable securities laws and Canadian Securities Exchange requirements. The transaction will constitute a fundamental change for the company pursuant to the policies of the CSE. It is expected that the company will obtain shareholder approval of the transaction by way of a shareholder consent resolution. The completion of the transaction is subject to shareholder approval, and CSE and regulatory approvals.
Additional information concerning IWS and the transaction will be provided in a CSE listing statement, which will be made available on the company’s SEDAR profile.