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BRIEF-Gegs Capital and UMG Media Announce Arrangement Agreement and TSXV Conditional Approval

Published 2019-05-31, 12:54 a/m
BRIEF-Gegs Capital and UMG Media Announce Arrangement Agreement and TSXV Conditional Approval

May 31 (Reuters) - Gegs Capital Corp GEGSp.V :

* IT HAS RECEIVED CONDITIONAL APPROVAL FROM TSXV FOR PROPOSED TRANSACTION AND WILL FILE ITS FILING STATEMENT DATED MAY 30, 2019

* UMG EXPECTS TO COMPLETE A BROKERED PRIVATE PLACEMENT FOR AGGREGATE GROSS PROCEEDS OF A MINIMUM OF $1,000,000

* PRIVATE PLACEMENT IS EXPECTED TO BE COMPRISED OF 625,000 UNITS OF UMG AT A PRICE OF $1.60 PER UNIT

* UPON COMPLETION OF PROPOSED TRANSACTION, UMG WILL BE A WHOLLY-OWNED SUBSIDIARY OF RESULTING ISSUER GEGS

* AS PART OF PROPOSED TRANSACTION, GEGS INTENDS TO CHANGE ITS NAME TO "UMG MEDIA LTD"

* GEGS CAPITAL- FOLLOWING COMPLETION OF PROPOSED TRANSACTION PURSUANT TO ‎TERMS OF AGREEMENT, BOARD OF DIRECTORS AND ‎MANAGEMENT OF GEGS WILL RESIGN

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