BRIEF-Top Strike Resources announces proposed transaction

Thu Sep 29, 2016 9:27am EDT
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Sept 29 (Reuters) - Top Strike Resources Corp

* Top Strike Resources Corp. announces proposed transaction

* Pursuant to LOI, corporation, subject to entering into a definitive agreement will pay $40 million

* Transaction payable by way of combination of C$2.5 million in cash and 300 million common shares of co at C$0.125 per top strike share

* Entered into binding letter of intent dated Sept 24, with Australia stock exchange listed company, MMJ Phytotech Limited

* Co will undertake concurrent equity financing of 100 million top strike shares for c$12.5 million at price not less than C$0.125per share

* Upon completion of transaction and financing, top strike shareholders will own approximately 3.9% equity of pro forma entity Source text for Eikon: Further company coverage: