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Sereno Capital Corporation announces TSX-V conditional approval for the acquisition of Grey Crown Resources Limited

^{Published on 2010-05-10 16:45:22 - Market Wire}
 

 About Grey Crown ---------------- 

 About the Corporation --------------------- 

 The Qualifying Transaction -------------------------- 

 (a) Grey Crown and Sereno Amalco Inc. will amalgamate on the terms and subject to the conditions contained in the Business Combination Agreement and the applicable amalgamation agreement. (b) Holders of Grey Crown Shares issued and outstanding immediately prior to the amalgamation becoming effective will receive one Sereno Share for each Grey Crown Share held and each outstanding common share of Sereno Amalco Inc. will be exchanged for one common share of Amalco. (c) All of the property and assets of Grey Crown and Sereno Amalco Inc. will be the property and assets of Amalco and Amalco will be liable for all of the liabilities and obligations of Grey Crown and Sereno Amalco Inc. (d) Amalco will be a wholly-owned subsidiary of Sereno. 

 Share Capital ------------- 

 Private Placement ----------------- 

 Preliminary Financing --------------------- 

 Escrowed Securities ------------------- 

 Share Capital Summary --------------------- 

 ------------------------------------------------------------------------- Transaction Number Number of Shares of Shares (Minimum) (Maximum) ------------------------------------------------------------------------- Acquisition of Grey Crown 15,508,028 15,508,028 ------------------------------------------------------------------------- Finder's Fee related to the acquisition 840,400 840,400 ------------------------------------------------------------------------- Finder's Fee related to the financing 425,000 659,600 ------------------------------------------------------------------------- Private Placement 4,250,000 9,250,000 ------------------------------------------------------------------------- Private Placement Warrants @ $0.75 and $1.00 (Private Placement) 4,250,000 9,250,000 ------------------------------------------------------------------------- Grey Crown Convertible Debentures 750,000 750,000 ------------------------------------------------------------------------- Preliminary Financing Warrants @ $0.60 (Grey Crown Convertible Debentures) 750,000 750,000 ------------------------------------------------------------------------- Stock Option Plan (Rolling 10%) 2,632,343 3,155,803 ------------------------------------------------------------------------- Total: 29,405,771 40,163,831 ------------------------------------------------------------------------- 

 Selected Pro Forma Consolidated Financial Information ----------------------------------------------------- 

 ------------------------------------------------------------------------- Current Assets $3,159,288 ------------------------------------------------------------------------- Total Assets $7,947,564 ------------------------------------------------------------------------- Current and Total Liabilities $1,182,561 ------------------------------------------------------------------------- Total Liabilities $1,432,561 ------------------------------------------------------------------------- Available Funds and Principal Uses of Funds ------------------------------------------- 

 ------------------------------------------------------------------------- Sources ------------------------------------------------------------------------- Estimated Sereno funds $775,000 ------------------------------------------------------------------------- Estimated Grey Crown funds $2,500,00 --------- ------------------------------------------------------------------------- Total Available Funds $3,275,000 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Uses ------------------------------------------------------------------------- Costs related to the Qualifying Transaction $375,000 ------------------------------------------------------------------------- Costs related to the Private Placement $40,000 ------------------------------------------------------------------------- Expenditures related to the Properties - Exploration $585,000 ------------------------------------------------------------------------- - Maintenance of Properties $50,000 ------------------------------------------------------------------------- Administration and Office $420,000 ------------------------------------------------------------------------- General Working Capital $100,000 ------------------------------------------------------------------------- Repairs to mining and processing equipment $200,000 ------------------------------------------------------------------------- Repayment of loan from IBI Corporation $310,000 -------- ------------------------------------------------------------------------- Unallocated working capital $1,195,000 ---------- ------------------------------------------------------------------------- Total Uses $3,275,000 ------------------------------------------------------------------------- Sponsorship ----------- 

 Arm's Length Transaction ------------------------ 

 Board of Directors and Management --------------------------------- Immediately following completion of the Qualifying Transaction: (a) the board of directors of the resulting issuer is expected to be comprised of the following four individuals: John Anderson, Gary A. Fitchett, Elly Karuhanga and Paul Sherwen; and (b) the audit committee of the resulting issuer is expected to be comprised of: John Anderson, Gary Fitchett and Elly Karuhanga. 

 Gary A. Fitchett - Chairman and Chief Executive Officer Paul Sherwen - President and Chief Operating Officer John Anderson - Vice-President Corporate Development John D. Alton - Vice-President Finance and Chief Financial Officer Dennis C. Mellersh - Secretary and Investor Relations Martin J. Taylor - Vice-President Exploration 

 Conditions ----------