Brilliant Resources Inc. invests $10M in Ram Power 

 

May 2015

Brilliant Resources Inc. (BLT: TSX-V) has invested $10 million as part of the approximately $74 million subscription receipt financing by Ram Power, Corp. This investment supports a previous announcement made by the company on April 10, 2015 to become a Tier 1 investment company, and was done in accordance with TSX Venture Exchange rules.

Brilliant acquired 2.5 billion subscription receipts of Ram Power at a purchase price of $0.004 per subscription receipt, which will entitle Brilliant to receive upon exchange 1,250,000 post-consolidation common shares of Ram Power (at a deemed price of $8 per share).

The Ram Power Financing is part of a larger restructuring transaction. Proceeds from the Ram Power Financing will be held in escrow pending satisfaction of certain release conditions related to the Restructuring. There is no certainty that the Escrow Release Conditions will be satisfied. In the event the Escrow Release Conditions are not satisfied, the Investment would be returned to Brilliant, with interest.

Ram Power has stated that the Restructuring is expected to be completed within the next several months.

McMillan LLP represented Brilliant on the transaction. The McMillan team , led by Paul Davis, included Kosta Kostic, Sandra Zhao, David Andrews (Capital Markets) and Carl Irvine (Tax).