Camrova Resources Inc_18032019_nr

TORONTO, March 18, 2019 (GLOBE NEWSWIRE) — Camrova Resources Inc. (“Camrova” or the “Company”) (TSX-V: CAV; OTC:BAJFF) is pleased to announce that it has entered into a letter of intent (the “Letter of Intent”) with Asesoria y Inversiones MAYG SpA (“MAYG”), a private company incorporated in Chile, to acquire through a Chilean subsidiary to be incorporated all of the issued and outstanding shares of MAYG (the “Proposed Acquisition”). The Letter of Intent provides for a purchase price payable to the shareholders of MAYG of CDN $2,000,000 to be satisfied by the issuance of approximately 7,692,308 post-consolidated common shares of Camrova. In connection with the Proposed Acquisition, Camrova will seek shareholder approval to approve the consolidation of its common shares on a 4:1 basis (the “Consolidation”). Following completion of the Proposed Acquisition, it is anticipated that the current shareholders of Camrova will hold approximately 11% of the common shares (after giving effect to the anticipated Bridge Financing and the Concurrent Financing described below).