QNB receives conditional CSE OK for listing statement

Executive Summary

• QNB Metals Inc. has received conditional approval from the Canadian Securities Exchange (CSE) for a fundamental change resulting in a reverse takeover by ReSolve Energy Inc., which will become the resulting issuer.
• The approval is contingent upon the completion of a $2.5-million concurrent equity financing, the closing of the transaction, and a name change to ReSolve Energy Inc.
• Trading will restart once all CSE conditions, including public float requirements and fee payments, are satisfied.

Key Details

• CSE Approval: QNB Metals received conditional approval for its Form 2A listing statement regarding a fundamental change (reverse takeover).
• Resulting Issuer: The resulting issuer is anticipated to be named ReSolve Energy Inc.
• Transaction Structure: The deal involves a reverse takeover by ReSolve Energy Inc.
• Financing Condition: A $2.5-million concurrent equity financing is a mandatory condition for closing and the restart of trading. This financing is currently under way and nearing completion.
• CSE Conditions for Listing:
  • Completion of the transaction, including the $2.5M financing and name change.
  • Finalization of various agreements in the normal course.
  • Meeting CSE initial listing public float and distribution requirements.
  • Completion of outstanding CSE application documentation and payment of fees.
• Trading Status: A date for the restart of trading will be determined upon confirmation that all conditions are met.

Notable Quotes

• Ian C. Peres, President and CEO of QNB Metals: "This is a very important final step in the finalization of the reverse takeover by ReSolve Energy Inc. The $2.5-million concurrent equity financing, a condition for closing and restart of trading, is under way and nearing completion."