CPE News Brief(7.7.2022) – House of Lithium Ltd., a spinoff of SOL Global Investments Corp. (CSE: SOL; OTCPK: SOLCF; FSE: 9SB), and Rio Verde Industries Inc. have terminated their preciously announced transaction.
The proposed transaction, which would have resulted in a going-public transaction by House of Lithium by way of reverse take-over of Rio Verde Industries, will not proceed.
House of Lithium and Rio Verde Industries had proposed to apply for listing of the resulting issuer shares to the Canadian Securities Exchange (CSE).
Pursuant to the agreement and upon the completion of the transaction, assuming completion of the share consolidation of Rio Verde Industries, former House of Lithium Shareholders would hold, in the aggregate, approximately 98% of the issued and outstanding resulting issuer shares, and former Rio Verde shareholders will hold, in the aggregate, approximately 2% of the issued and outstanding shares.
House of Lithium’s portfolio companies include Damon Motors Inc., Reby Inc., Tevva Motors Ltd., Revolution Brands International, LLC/Simply EV, Onet Global Inc. (Navier), Arevo Inc., Switch Holdco Limited (Switch Motorcycles), Kiwi Campus Inc., Trevor Motorcycles BV, Simply Inc. (OTCQB: SIMP), Vaxxinator Enterprises Inc./Atmofizer Technologies Inc. Canada (CSE: ATMO; FSE: J3K) and RoyalCan Investments LP.
photo credit: SOL Global Investments
News Release
Not for distribution to U.S. news wire services or for dissemination in the United States
RIO VERDE INDUSTRIES INC. ANNOUNCES TERMINATION OF DEFINITIVE AGREEMENT WITH HOUSE OF LITHIUM LTD.
Vancouver, BC, July 7, 2022 – Rio Verde Industries Inc. (“Rio Verde”) announces that the agreement (the “Agreement”) with House of Lithium Ltd. as previously announced on January 28, 2022 has been terminated and the proposed transaction will not proceed.
About Rio Verde
Rio Verde is a British Columbia corporation that is a reporting issuer under the securities laws of Alberta and British Columbia. Rio Verde has no material assets and does not conduct any operations or active business, other than the identification and evaluation of acquisition opportunities to permit the company to acquire a business or assets in order to conduct commercial operations.
For further information, please contact:
Rio Verde Industries Inc.
Binyomin Posen, Chief Executive Officer, Chief Financial Officer & Director
416-481-2222
Email: bposen@plazacapital.ca