UMG Media Corp. cancelled the acquisition of Blackhawk Resource Corp. in a reverse merger transaction.
Following the closing of the transaction, management of the Blackhawk will be comprised of Dave Antony as Chief Executive Officer, Jeff Covington as President, Martin Brown as Chief Operations Officer, Mike Martin as Chief Technology Officer, Charidy Lazorko as Chief Financial Officer, Shelly Scism as Chief Compliance Officer, Shannon Gerritzen as Vice President of Communications, Trevor Wong-Chor as Corporate Secretary. The Board of Directors will be compromised of David Antony, Jim Jenkins, Martin Brown, Ray Antony and two additional members including Jim Jenkins and Hector Rodriguez as proposed Directors.Blackhawk will hold a meeting of its shareholders to permit shareholders to vote on the transaction. The completion of the transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and Blackhawk shareholder approval. The Board of Directors of each of Blackhawk and UMG unanimously supports the transaction and recommends that the shareholders of Blackhawk vote in favor of the transaction.
UMG Media Corp. cancelled the acquisition of Blackhawk Resource Corp. (TSXV:BLR) in a reverse merger transaction on July 12, 2018. It is anticipated that UMG Media will have a liquidity event in the near future and if such a transaction were to occur, and as part of such a transaction Blackhawk would be receiving shares. Those shares would be distributed to the shareholders of record of Blackhawk at the time the shares are received. By distributing the shares received it will allow the shareholders of Blackhawk to directly benefit from the ownership that Blackhawk holds in UMG Media and will allow the individual shareholders of Blackhawk to make their own investment decision related to UMG Media. Blackhawk will resume trading on the TSVX. As part of the termination agreement, Blackhawk will receive a termination fee of CAD 0.25 million.