July 11, 2017 / 5:55 PM / a year ago

BRIEF-NQ Exploration Inc announces reverse take-over, "spin-out" of Quebec mining assets

July 11 (Reuters) - NQ Exploration Inc:

* Says announces reverse take-over, “spin-out” of Quebec mining assets in new company and proposed Carheil JV

* Says letters of intent provide that NQ will acquire AM and become a Colombian coals focused natural resources company

* Says ‍entered into LOI with AM Resources SAS for a reverse take-over of NQ​

* Says NQ to transfer all of Québec resource properties, including Carheil option, to new NQ, distribute shares of new NQ to NQ’s shareholders

* Says AM agreement provides that upon completion of RTO, NQ’s business will be of junior coal mining exploration company in Colombia

* Says under proposed spin-out, pursuant to an asset transfer agreement to be entered into between NQ and new NQ

* Says at closing of transactions, NQ’s shareholders will become shareholders of a new Colombian based coal focused natural resources co

* Says LOI with Peak Mining Corp for acquisition of Crater Lake property by new public co created to spin-out NQ’s Quebec based resource properties​

* Says NQ to use net proceeds from RTO private placement for working capital, to carry out business plan of developing Colombian coal project

* Says if RTO is successfully completed, it is expected that board of directors will include Jon Snelson, Adriana Rios Garcia, David Grondin

* Says in consideration for Quebec mining assests transfer, new NQ will issue to NQ 18.75 million new NQ common shares at a deemed price of $0.16 Source text for Eikon: Further company coverage:

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