|By Marketwired .||
|January 14, 2014 08:21 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/15/14 -- Oakmont Minerals Corp. (TSX VENTURE:OMK) ("Oakmont") and GreenPower Motor Company Inc. ("GreenPower") today announce that, in connection with the proposed acquisition of GreenPower by Oakmont (the "Acquisition"), as previously announced in the joint news release of Oakmont and GreenPower of November 25, 2013, they have entered into a loan agreement dated December 20, 2013 (the "Loan Agreement") pursuant to which Oakmont has made a bridge loan to GreenPower in the principal amount of $200,000 (the "Loan"). The Loan is secured by the assets and shares of GreenPower's operating subsidiary, GP GreenPower Industries Inc. ("GPI"), pursuant to the terms of a general security agreement dated December 20, 2013 (the "GSA") between Oakmont, GreenPower and GPI, and a security pledge agreement dated December 20, 2013 (the "Pledge Agreement") between Oakmont and GreenPower.
The principal balance of the Loan and interest accrued thereon may be repaid, in whole or in part, by GreenPower at any time and from time to time, without bonus or penalty, provided that any amounts repaid may not be reborrowed. To the extent not already repaid, the outstanding balance of the Loan and interest accrued thereon shall be immediately due and payable on the date that is the later of: (i) nine months from the date that the Loan is advanced by Oakmont to GreenPower, and (ii) the date that is three months after the termination of the Acquisition without completion thereof (in either case, the "Maturity Date"). The Loan bears interest at a rate of 10% per annum, calculated and compounded monthly based on the number of days actually elapsed in a 365 day year, and will be payable on the Maturity Date.
Completion of the Acquisition is subject to a number of conditions, including the acceptance of the TSX Venture Exchange (the "TSXV") and the approval of the disinterested shareholders of Oakmont and GreenPower. The Acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the Acquisition will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared by Oakmont in connection with the Acquisition, any information released or received with respect to the Acquisition may not be accurate or complete and should not be relied upon. Trading in the securities of Oakmont should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Acquisition and has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF DIRECTORS OF OAKMONT MINERALS CORP. GREENPOWER MOTOR COMPANY INC. Fraser Atkinson Fraser Atkinson Chief Executive Officer, Chairman and Chairman and Director Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Statements
Statements contained in this news release that are not historical facts constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events and statements with respect to the Loan and the Acquisition. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Oakmont and GreenPower as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include failure of Oakmont or GreenPower to obtain the necessary approvals for the Acquisition, failure of GreenPower to be able to repay the Loan, and any other factors that may cause the Acquisition not to be completed or the Loan not to be repaid. Many of these factors could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Oakmont or GreenPower in this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements. Although Oakmont and GreenPower believe that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
Oakmont Minerals Corp.