VANCOUVER, British Columbia, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Bard Ventures Ltd. (the “Company” or “Bard”) is pleased to announce that it will hold its annual and special meeting of shareholders (the “AGM”) at the offices of the Company located at Suite 810 – 789 West Pender Street, Vancouver, BC V6C 1H2 on October 31, 2018 at 9:00 am PST and has nominated Mr. Ning Wu for position on the Bard’s board of directors.
Mr. Ning Wu serves as General Manager and is the Founder of Shanghai Shouye Biotech Co. Ltd. since 2011. Through his experiences, Mr. Wu acquired his knowledge in medicine by independent study and has developed 6 patents of various Chinese herbal medication, equipment and processes. He has the ability to assess the general application of such principles in connection with accounting for estimates, accruals, and reserves. In addition, he has the background and experience to deal with the complexity of managing issues that can be reasonably raised by business operation.
In order to strengthen its balance sheet, the Company is further announcing a non-brokered private placement (the “Private Placement”) of up to 21,818,182 units (the “Units”) of the Company at a price of $0.11 per Unit for gross proceeds of up to $2,400,000 (the “Offering”). Each unit will consist of one (1) common share (the “Common Share”) and one (1) Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one (1) Common Share of the Company at an exercise price of $0.11 per Common Share for a period of two (2) years from the date of closing.
Mr. Ning Wu, a proposed director and not an insider of the Company, has noted his intention to subscribe for all of the Offering. Mr. Wu currently holds 2,000,000 Common Shares and 2,000,000 Warrants, assuming completion of the full amount of the Private Placement and sale to Mr. Wu of 21,818,182 Units, Mr. Wu will hold upon closing on a fully-diluted basis, approximately 49.75% of the issued and outstanding Common Shares.
Mr. Wu would upon closing become a “Control Person” pursuant to the policies of TSX Venture Exchange (the “TSXV”). However, as he is not an insider, his participation in the Private Placement will not constitute a “related party transaction”. At the AGM, shareholders of the Company, excluding the 2,000,000 Common Shares held by Mr. Wu, will be asked to pass an ordinary resolution approving the Private Placement and the creation of a new Control Person.
The Company intends to use the proceeds from the Private Placement for general working capital purposes. The use of proceeds is an estimation and management’s actual use of proceeds may vary materially from those noted here depending upon changing circumstances and/or other strategic transactions that the Company may undertake.
The directors of the Company (the “Directors”) after giving due consideration to market conditions and the capital needs of the Company have determined that the Private Placement is in the best interests of the Company.
The closing of the Private Placement is subject to applicable regulatory approvals, including the approval of TSXV and the shareholders of the Company, which will be obtained at the Company’s AGM.
The closing is also subject to receipt of all necessary Board approvals. The securities issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
On behalf of:
Bard Ventures Ltd.
Eugene Beukman, CEO
For further information please visit our website at www.bardventures.com.
This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward‑looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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.