BNP Resources Inc. (BNX_A.V) and L1 Capital Corp. announced that as of December 10, 2009, they have entered into a non-binding agreement in principle to establish a merger of the two companies.
It is proposed that as a result of this Transaction all of the shares of L1 would be purchased by BNP for consideration of one unit of BNP at a deemed price of C$0.10. Each unit shall consist of one Class A share of BNP and 1/2 of a warrant. Each full warrant will entitle the holder to purchase one Class A share of BNP at a price of C$0.10 per Class A share until October 31, 2010.
Upon completion of the Transaction, BNP thereafter would continue forward in the business of developing oil and natural gas projects. The Transaction would constitute the qualifying transaction for L1. As L1 is a capital pool corporation, L1 has not carried on any material business.
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