May 8 (Reuters) - Dragonfly Capital Corp DRCh.V :
* DRAGONFLY ENTERS INTO BINDING LETTER OF INTENT FOR QUALIFYING TRANSACTION
* DRAGONFLY CAPITAL -LETTER OF INTENT FOR CO AND 2591046 ONTARIO CORP TO COMPLETE BUSINESS COMBINATION WHICH WILL CONSTITUTE REVERSE TAKE-OVER OF CO
* DRAGONFLY CAPITAL-DEAL WILL BE CARRIED OUT BY WAY OF THREE-CORNERED AMALGAMATION PURSUANT TO AMALGAMATION AGREEMENT TO BE ENTERED INTO AMONG PARTIES
* DRAGONFLY WILL AMALGAMATE WITH TARGET TO FORM A NEWLY AMALGAMATED COMPANY ("AMALCO")
* FORMER TARGET SHAREHOLDERS TO RECEIVE ONE POST-CONSOLIDATION DRAGONFLY SHARE FOR EACH POST-CONSOLIDATION TARGET SHARE
* FOLLOWING DEAL AMALCO WILL BECOME A WHOLLY-OWNED SUBSIDIARY OF DRAGONFLY