Flexwork Properties Ltd. (formerly Reliant Gold Corp.) Provides Corporate Update
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TORONTO, March 28, 2019 (GLOBE NEWSWIRE) -- Flexwork Properties Ltd. (formerly Reliant Gold Corp.) ("Flex" or the "Corporation") (CANADIAN SECURITIES EXCHANGE: RNG) is pleased to provide a corporate update. In a press release dated August 31, 2018, the Corporation announced that it had received overwhelming approval from its shareholders for the Corporation’s proposed (i) name change to Flexwork Properties Ltd. and (ii) change of business from a junior mineral exploration company to an active real estate acquisition, development, management, and rental income company. Subsequently, the Corporation also received regulatory approval from the Canadian Securities Exchange (“CSE”) for the change of business and the re-listing of the Corporation’s common shares on the CSE, subject to the (i) submission of any final documentation and listing fees to the CSE and (ii) completion of a concurrent minimum private placement financing (as was described in a press release dated May 28, 2018).
During the course of the Corporation’s attempt to raise the proposed concurrent minimum private placement financing, it discovered that financing was generally more readily available to Canadian junior companies involved in the cannabis industry. As a result of this changing landscape for junior public companies in Canada with respect to access to capital, it has necessitated the Corporation to consider strategically pursuing another type of business, such as a cannabis company, that has access to funding and has a far greater and faster revenue growth potential than a real estate entity.
Consequently, the Corporation’s Board of Directors and management team are now reviewing all strategic options, including a reverse takeover, for re-positioning the Corporation for entry into a higher revenue growth business. There is no guarantee that the Corporation will be able to pursue any one type of business or that the Corporation will be able to pursue any business involving the cannabis industry.
There is also no guarantee that the Corporation will be able to successfully conclude any one particular strategic option (which may or may not include a potential reverse takeover transaction with a particular target company). Furthermore, any proposed new strategic option that results in a change of business, reverse takeover and/or fundamental change will be subject to approval from the Corporation’s shareholders and will require regulatory approval from the CSE pursuant to its Policy No. 8. There will be no further announcements on this issue until the Corporation is able to enter into a definitive agreement, subsequent to which, shareholders will have an opportunity to approve any proposed change of business, reverse takeover and/or fundamental change.
Subject to any applicable regulatory approval, the Corporation is also pleased to announce the appointment of Peter Hogg as a director of the Corporation’s Board of Directors as a replacement to Dezso Farkas who retired from the Corporation’s Board of Directors to pursue other opportunities. The Corporation thanks Mr. Farkas for his many contributions during his tenure as a director and looks forward to working with Mr. Hogg in his new capacity as a director of the Corporation.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Flexwork Properties Ltd. (Formerly “Reliant Gold Corp.”) (the “Corporation”) or the industry in which it operates to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, the words "estimate", "believe", "anticipate", "intend", "expect", "plan", "may", "should", "will", the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Such statements reflect the current expectations of the management of the Corporation with respect to future events based on currently available information and are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those expressed or implied by those forward-looking statements. These risks and uncertainties are detailed from time to time, including, without limitation, under the heading "Risk Factors", in the Corporation’s prospectus and in other continuous disclosure documents that are filed by the Corporation from time to time with the Ontario, Alberta or British Columbia Securities Commissions which are available at www.sedar.com and to which readers of this press release are referred for additional information concerning the Corporation, its prospects and the risks and uncertainties relating to the Corporation and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Corporation to be materially different from those contained in forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent and investors should not place undue reliance on forward-looking statements as a prediction of actual results.
The forward-looking information contained in this press release is current only as of the date hereof. The Corporation does not undertake or assume any obligation, except as required by law, to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
No securities commission or regulatory authority has approved or disapproved the contents of this press release.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION Kabir Ahmed Chairman, President, CEO and Director Flexwork Properties Ltd. (Formerly “Reliant Gold Corp.”) Email: kahmed@richmondcapital.ca Tel: (416) 820-4107