Lida Resources Inc., Vancouver, B.C., a publicly traded mineral exploration company, on Oct. 14 announced that it has completed an initial submission to the Canadian Securities Exchange (CSE) in respect of its previously announced proposed reverse takeover transaction with Continental Potash Corp. (GM July 8, p. 28).
The proposed transaction, subject to the approval of the CSE, is intended to constitute a fundamental change of the company under CSE policies. Following completion of the transaction, the business of the resulting entity will be the business of Continental Potash.
According to Lida, Continental Potash holds an option to acquire up to a 100% interest in certain rights, title, and interests (subject to certain royalties) in the Disley Prospect Area, located 50 kilometers northwest of Regina, Sask., and 215 kilometers southeast of Saskatoon, Sask.