BRIEF-Turquoise Capital enters into definitive agreement for qualifying transaction with Five Star Diamonds

Tue Sep 13, 2016 8:56am EDT
 
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Sept 13 (Reuters) - Turquoise Capital Corp

* Turquoise Capital Corp. enters into definitive agreement for qualifying transaction with Five Star Diamonds Ltd.

* Under terms, co and five star will complete deal that will result in reverse takeover of turquoise by shareholders of Five Star

* Five Star to merge with a whollyowned subsidiary of Turquoise and become a whollyowned subsidiary of Turquoise.

* Upon completion, expected that Matthew Wood will serve as president, CEO and Brian Mcmaster will serve as CFO of resulting issuer

* Following completion of transaction Turquoise shareholders will hold about 6.0% of common shares of resulting issuer

* Following completion, former Five Star shareholders will hold approximately 94.0% of common shares of resulting issuer Source text for Eikon: Further company coverage: