Clover Leaf Capital Extends Outside Date for Completion of Qualifying Transaction and Will Advance Interim Funding To North Shore Energy Metals
VANCOUVER, BC / ACCESSWIRE / March 31, 2023 / Clover Leaf Capital Corp. (TSXV:CLVR.P) ("Clover Leaf" or the "Company") announces that it has agreed to extend the outside date of completion of its qualifying transaction (the "Transaction") with North …
VANCOUVER, BC / ACCESSWIRE / March 31, 2023 / Clover Leaf Capital Corp. (TSXV:CLVR.P) ("Clover Leaf" or the "Company") announces that it has agreed to extend the outside date of completion of its qualifying transaction (the "Transaction") with North Shore Energy Metals Ltd. ("North Shore Energy"), originally announced in the Company's press release of December 23, 2022, from April 30, 2023 to June 30, 2023.
Additionally, Clover Leaf will enter into a secured credit facility (the "Credit Facility") with North Shore Energy, to provide interim funding for North Shore Energy to complete certain property acquisition payments and meet other working capital needs prior to the completion of the Transaction. The maximum principal amount of the Credit Facility will be $250,000, but advances will only be made on an as-needed basis at the discretion of Clover Leaf. The Credit Facility will be secured, will accrue interest at a rate of 7% per annum, and will be repayable on June 30, 2023 if the Transaction has not closed by that date. The Credit Facility remains subject to the approval of the TSX Venture Exchange.
The Credit Facility and Transaction remains subject to conditions, including but not limited to, TSXV acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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