BRIEF-Pan Andean Minerals Announces Proposed Reverse Takeover By North Star Holdings By Reuters

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BRIEF-Pan Andean Minerals Announces Proposed Reverse Takeover By North Star Holdings

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BRIEF-Pan Andean Minerals Announces Proposed Reverse Takeover By North Star Holdings

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March 21 (Reuters) - Pan Andean Minerals Ltd PAD.V :

* PAN ANDEAN MINERALS LTD. ANNOUNCES PROPOSED REVERSE TAKEOVER BY NORTH STAR HOLDINGS

* ENTERED INTO AN ARM'S LENGTH BINDING LETTER OF INTENT DATED AS OF MARCH 11, 2019 ( "LOI") WITH NORTH STAR HOLDINGS

* LOI OUTLINES PROPOSED TERMS AND CONDITIONS PURSUANT TO WHICH PAN ANDEAN AND NORTH STAR WILL EFFECT A BUSINESS COMBINATION

* BUSINESS COMBINATION WILL RESULT IN A REVERSE TAKEOVER OF COMPANY BY SECURITYHOLDERS OF NORTH STAR

* PAN ANDEAN MINERALS - CURRENT SHAREHOLDERS OF CO WILL HOLD 5.8% OF COMMON SHARES OF RESULTING ISSUER

* PAN ANDEAN MINERALS - CURRENT SHAREHOLDERS OF NORTH STAR WILL HOLD 83.7% OF RESULTING ISSUER SHARES

* PAN ANDEAN MINERALS- UPON COMPLETION OF DEAL, BOARD OF PAN ANDEAN WILL BE COMPRISED OF FOUR NOMINEES OF NORTH STAR, AND ONE NOMINEE OF PAN ANDEAN

* PAN ANDEAN MINERALS - INTENDS TO COMPLETE PRIVATE PLACEMENT OF SUBSCRIPTION RECEIPTS ACCREDITED INVESTORS FOR GROSS PROCEEDS OF UP TO CAD$20,000,000

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