RewardStream, Inc. signed a letter of intent to acquire Musgrove Minerals Corp. (DB:JL4K) in a reverse merger transaction.
The transaction is subject to execution of definitive agreement on or before May 15, 2016, sale or other disposition by Musgrove of its mineral properties, completion of part and parcel private placements of between 12 million and 16 million units at a price of CAD 0.125 per unit, approval by the shareholders of Musgrove and RewardStream, termination of all RewardStream option agreements, entry by RewardStream shareholders into such escrow agreements, Regulatory approvals, including TSX-V approval, payment by Musgrove of all amounts owed to Musgrove directors and officers, subject to TSX-V approval, the advance of at least CAD 0.1 million by way of secured loans to RewardStream from Musgrove.
As announced on June 14, 2016, the transaction was approved by shareholders of RewardStream Solutions. The final tranche of private placement, in connection with the transaction is expected to close on or about June 30, 2016. Shareholders of Musgrove Minerals approved the deal on June 24, 2016. TSX Venture Exchange also conditionally approved the deal. The transaction is expected to close on or around June 30, 2016. RewardStream Solutions Inc. will pay a finder's fee consisting of CAD 35,000 cash and 0.9 million of its common shares to Northwest Marketing & Management Inc.