Monarch Energy (CSE: CHX) (OTC: MNLIF) Announces Results of Annual and Special Meeting
Toronto, Ontario - (Newsfile Corp. - August 29, 2014) (www.investorideas.com newswire) Monarch Energy Limited (CSE: CHX) (OTC: MNLIF) ("Monarch" or the "Company") announces that the shareholders of the Company have approved, at the Annual General and Special Meeting held on August 29, 2014, all of the items set forth in the Company's management information circular dated July 30, 2014 and mailed to the shareholders, including: (i) change of the Company's name to ChroMedX Corp.; (ii) continuance of the Company from British Columbia into Ontario (the "Continuance"); and (iii) replacement of the Company's current by-laws with By-law 2014-1 following completion of the Continuance.
Further, the Company would also like to announce that it intends to complete a proposed private placement offering of units (the "Units") of the Company at a price of $0.10 per Unit (the "Offering") for total aggregate gross proceeds of CDN$500,000. Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.25 for a period of eighteen (18) months from the closing date. The Offering is scheduled to close on or about September 12, 2014.
The Company will use the net proceeds from the sale of the Units for developing prototypes, marketing and general working capital purposes.
About ChroMedX Corp.
ChroMedX Corp. is focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices, protected by the Company's issued US and pending international patents, deal with blood collection, analysis and plasma/serum processing. Application of the devices will be extended to address special requirements for neonatal care.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
The security symbol, MNLIF, is part of the OTC Grey Market, where Monarch does not provide any reports and has no obligation to do so. There are no market makers under this symbol of this security. It is not listed, traded or quoted on any U.S. stock exchange or the OTC Markets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor's bids and offers are not collected in a central spot so market transparency is diminished and best execution of orders is difficult.
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