Strata Minerals Announces Strategic Transaction, Withdrawal of Private Placement and Board and Management Changes
VANCOUVER, BC / ACCESSWIRE / May 11, 2015 / Strata Minerals Inc. (TSXV: SMP) ("Strata" or the "Company") is pleased to announce that it has executed an arm's length, non-binding letter of intent with beckettbank Corp. ("beckettbank LOI"). The Company would also like to advise that it is withdrawing the private placement that was announced on March 3, 2015 and announces board and management changes.
beckettbank Corp. is affiliated with Toronto-based wealth management company, Beckett Wealth Management Inc. Under the terms of the beckettbank LOI the Company will change its name to beckettbank and broaden the scope of the business to become a small-cap, merchant bank/private equity fund which will invest a minimum of 60% of its assets in companies at the time they enter the Richmond Club Index (the "Strategic Transaction"). The new business strategy will see the Company continue to advance the Diamond Mountain phosphate project in Utah as well as make new investments in other attractive small cap companies and assets.
The Richmond Club Index was established in 2005 to identify undervalued, small cap companies with excellent growth potential. Companies identified for inclusion on the index are presented to the Richmond Club, which has over 400 members including investment advisors, fund managers, analysts, private investors and members of the media.
The Company intends to update the market in the coming weeks with regard to the completion of a definitive agreement with beckettbank as well as the associated plan to raise funding for the new business.
To facilitate the contemplated change of strategic direction and reduce costs to the Company in advance of the proposed Strategic Transaction, Strata would like to announce the following board and management changes:
Jason Bahnsen, a Director of beckettbank Corp., has resigned from his position as Chief Executive Officer and Director of the Company effective May 11, 2015;
Kal Malhi has resigned from his position as Director effective May 11, 2015;
Gordon Tainton has resigned from his position as Director effective May 11, 2015;
Hugh Agro will remain a Director of the Company and is immediately appointed as Interim CEO;
Adam Rochacewich will remain as Chief Financial Officer and Company Secretary during the transition period; and Peter Kozicz and Richard Kelertas will remain as Directors of the Company;
We thank the departing management team and directors for their service to the Company and wish them the best in their future endeavours.
For further information, please contact:
Hugh Agro, Chairman and Interim CEO
Tel: 1 866 377-1172
Email: info@strataminerals.com
About Strata Minerals Inc. Strata Minerals Inc. is an emerging, phosphate focused, agricultural nutrient company exploring for commercial-scale phosphate rock mineralization deposits. Armed with the objectives of becoming a supplier to the US and global fertilizer industry and generating wealth for its shareholders, Strata is currently advancing its phosphate exploration project in Utah, USA and pursuing other opportunities in the bulk commodities market. For further information, please refer to the Company's website at www.strataminerals.com. Additional disclosure of the Company's financial statements, technical reports, material change reports, news releases and other information can be obtained on SEDAR at www.sedar.com.
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SOURCE: Strata Minerals Inc.