Vancouver, B.C., December 10, 2015 –Expedition Mining Inc. (“EXU” or the “Company”) (CSE: EXU) is pleased to announce that at its Annual and Special Shareholders Meeting held on December 8, 2015 (the “Meeting”), its shareholders approved the previously announced proposed acquisition of BSS Life Sciences Inc. (“BSS”) (See press releases of October 5 and November 18, 2015).
100% of the votes present and entitled to vote at the Meeting were cast in favour of the acquisition of BSS (the “Transaction”). As disclosed in the Company’s information circular, the Company proposed to acquire all of the outstanding securities of BSS in an all-share transaction by issuing a total of 26,500,000 common shares and 10,000,000 share purchase warrants to security holders of BSS upon closing of the Transaction.
Upon receipt of CSE approvals, the Transaction will result in a reverse take-over of EXU, in accordance with accounting practices and CSE policies. The Transaction also represents a change of business for the Company and is a “fundamental change” under CSE policies. Upon closing of the Transaction, the Company will terminate and write off all of its mineral interests and will no longer carry on any business in the mineral exploration industry.
Trading in the Company’s shares remains halted in compliance with the reverse takeover policies of the Canadian Securities Exchange, pending closing of the Transaction.
At the Meeting, Messrs. William Galine, Steven Chan, Robert Lunde and Jorge Avelino were elected as directors of the Company. The shareholders also appointed De Visser Gray, LLP Chartered Accountants as auditors of the Company for the ensuing year, and approved the Company’s rolling stock option plan.
BSS is a medical imaging company that seeks to improve the way physicians detect and treat cancer. BSS has entered into a formal agreement with Lawrence Livermore National Security, LLC, a U.S. company managing Lawrence Livermore National Laboratory (LLNL) for the U.S. Department of Energy. Dr. Stavros Demos is the inventor of an instrument designed to provide physicians a tool to complement white-light endoscopy by adding fluorescence imaging for more accurate and complete detection and treatment of various conditions, including the detection and treatment of cancer. Dr. Demos worked in collaboration with UC Davis Comprehensive Cancer Center physicians and Dr. Ralph deVere White, a leading authority on bladder cancer, for more than eight years developing this technology and proof of principle. BSS holds an exclusive licence to this intellectual property. BSS will partner with LLNL and UC Davis Cancer Center to continue clinical evaluations that will support BSS’s U.S. Food and Drug Administration (FDA) submission. BSS has recruited the original inventors and secured the technology rights to commercialize multiple endoscopy imaging tools.
ON BEHALF OF THE BOARD:
(signed) “William Galine”
President & Chairman of the Board
For further information contact:
Telephone: (775) 737-3292
Email: [email protected]
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Specifically, this release makes forward-looking statements regarding the terms and conditions of the proposed acquisition of BSS. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance the proposed acquisition of BSS will occur as anticipated, or at all. There is no assurance EXU will be able to raise the full amount of the private placement required as a condition of closing the acquisition of BSS. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.