June 22 (Reuters) - Continental Precious Minerals Inc CZQh.V :
* CONTINENTAL SIGNS LETTER OF INTENT WITH METAMATERIAL TECHNOLOGIES INC.
* INTENDED THAT PROPOSED TRANSACTION WILL TAKE FORM OF A BUSINESS COMBINATION
* DEAL WILL RESULT IN METAMATERIAL BECOMING A WHOLLY-OWNED SUBSIDIARY OF CO
* DEAL WILL RESULT IN SECURITY HOLDERS OF METAMATERIAL BECOMING SECURITY HOLDERS OF CO
* SHAREHOLDERS OF METAMATERIAL TO RECEIVE RESULTING ISSUER SHARES IN EXCHANGE AT RATIO OF 2.75 RESULTING ISSUER SHARES FOR A SHARE OF METAMATERIAL
* APPROXIMATELY 64.265 MILLION RESULTING ISSUER COMMON SHARES WILL BE ISSUED TO SHAREHOLDERS OF METAMATERIAL
* UPON DEAL COMPLETION, SECURITY HOLDERS OF METAMATERIAL WILL OWN ABOUT 84.6% OF RESULTING ISSUER COMMON SHARES, ON A FULLY DILUTED BASIS.
* COMPANY INTENDS TO CHANGE ITS NAME TO "METAMATERIAL TECHNOLOGIES INC."
* LOI CONTEMPLATES BOARD OF RESULTING ISSUER WILL CONSIST OF 6 DIRECTORS NOMINATED BY METAMATERIAL AND 1 DIRECTOR NOMINATED BY CONTINENTAL
* EXECUTIVE OFFICERS OF RESULTING ISSUER ARE ANTICIPATED TO INCLUDE EXISTING EXECUTIVE OFFICERS OF METAMATERIAL
* PROPOSED TRANSACTION IS AN ARM'S LENGTH TRANSACTION
* IT IS NOT EXPECTED THAT PROPOSED TRANSACTION ITSELF WILL BE SUBJECT TO SHAREHOLDER APPROVAL OF COMPANY