Cresval Addresses Concerns of Dissident Group
VANCOUVER, May 07, 2019 - Cresval Capital Corp. (“Cresval” or “the Company”) (CRV: TSX-V) On March 29, 2019 the Company announced a non-brokered private placement of up to a maximum of 20,000,000 units (the “Units”) at $0.025 per Unit to raise up to $500,000 (the “Offering”). Each Unit will consist of one common share in the capital of Cresval (the “Common Shares”) and one Common Share purchase warrant (the “Warrants”). Each Warrant will be exercisable into one Common Share for a period of five years at a price of $0.05/share. On April 23, 2019, the TSX Venture Exchange (“TSXV”) granted the Company a discretionary waiver to allow the Offering to proceed. The Offering is open to all existing shareholders who wish to participate, as previously announced. Any existing shareholders interested in participating in the Offering should contact the Company pursuant to the contact information set forth below.
The Company’s common shares only resumed trading on February 19, 2019, after being halted from trading since November 29, 2017 as a consequence of its unsuccessful plan of arrangement with Tess Inc. (the “Arrangement”). During that time and until this Offering, the Company has been unable to fund its operations except internally, and it now needs new equity financing to maintain and preserve its mineral exploration property interests. The Company’s mineral properties require further exploration work which is currently being conducted to maintain them, or they would have expired and been forfeited. A dissident group with connections to the Arrangement has recently unfairly depicted the Offering as a means to entrench management. This position is without merit, as the Offering is open to all existing shareholders, and the current President & CEO, Lee Ann Wolfin, is already the single largest shareholder and creditor of the Company. Lee Ann Wolfin and the current management of the Company have financially supported the Company and made sure that its assets are preserved, not the dissident group. Besides recommending a new director to Cresval who declined to act for health reasons, the dissident group has offered for weeks to provide new equity financing for Cresval at a higher offering price, but they have failed or were unable to provide subscriptions for any such investors, just as occurred previously in respect of financing for the Arrangement.
About Cresval
Cresval Capital Corp. is a junior precious metals and copper exploration company actively involved in three 100% owned projects situated near the productive Bralorne Gold camp in southwestern British Columbia.
For more information please visit www.cresval.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Lee Ann Wolfin
President and Chief Executive Officer
Telephone: (604) 913-7788
Email: lawolfin@cresval.com
Forward looking statements: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release contains statements that are forward‐looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward‐looking statement.