TORONTO, ONTARIO–(Marketwired – Nov. 30, 2015) – Leo Acquisitions Corp. (the “Corporation“) (TSX VENTURE:LEQ.H) announces that the letter of intent (the “LOI“) with Axcelon Biopolymers Inc.(“Axcelon“) dated May 30, 2014, as amended, has been terminated. The LOI outlined the general terms and conditions pursuant to which Leo and Axcelon were willing to complete a transaction that will result in a reverse take-over of Leo by the shareholders of Axcelon (the “Transaction“). The Corporation is a capital pool company and intended for the Transaction to constitute its Qualifying Transaction (the “Qualifying Transaction“) as such term is defined in the policies of the TSX Venture Exchange.
The Corporation was advised by Axcelon that it is not able to complete the concurrent offering which is a condition to closing of the Transaction. The Corporation is currently seeking alternative Qualifying Transactions.
CAUTIONARY STATEMENTS RE FORWARD LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the termination of the Qualifying Transaction and associated transactions, including statements regarding the terms and conditions of the Qualifying Transaction and associated transactions. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation, Linyi and the Target, or their respective financial or operating results or (as applicable), their securities.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.