OCEANSIDE CAPITAL CORP. ("OCC")
[formerly Oceanside Capital Corp. ("OCC.P")]
BULLETIN TYPE: Qualifying Transaction-Completed/New Symbol, Consolidation, Reinstated for Trading,
BULLETIN DATE: September 1, 2010
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's Qualifying Transaction described in its Filing Statement dated July 28, 2010. As a result, at the opening Thursday, September 2, 2010, the Company will no longer be considered a Capital Pool Company. The Qualifying Transaction includes the following:
1. Option Agreement:
Pursuant to an Option Agreement dated July 28, 2010 between the Company and Eastfield Resources Ltd. ("Eastfield"), Eastfield has granted Oceanside the sole and exclusive option to earn up to a 60% interest in and to the Indata property (the "Property") located in the Omineca Mining Division, British Columbia.
Pursuant to the Option Agreement, Oceanside may earn up to a 60% interest in and to certain mineral claims know as the Indata property ("the Property") by paying to Eastfield an aggregate of $160,000 in cash, issuing and allotting to Eastfield an aggregate of $120,000 of fully paid non-assessable common shares (the "Transaction Shares") and expending an aggregate of $2,000,000 on the Property within a three year period ending on December 31, 2013 as follows:
(a) Paying $20,000 in cash on the date of the Final Exchange Bulletin;
(b) Paying $20,000 in cash and incurring $200,000 of expenditures on the Property within one year of the date of the Final Exchange Bulletin;
(c) Paying $30,000 in cash, issuing $30,000 of Transaction Shares on or before December 31, 2011;
(d) Paying $40,000 in cash, issuing $40,000 of Transaction Shares on or before December 31, 2012; and
(e) Paying $50,000 in cash, issuing $50,000 of Transaction Shares and incurring $2,000,000 of expenditures on the Property on or before December 31, 2013.
The Transaction Shares will be subject to a four month hold period from the date of issuance pursuant to applicable securities laws. The number of Transaction Shares issuable to Eastfield at any during the term of the Option shall be calculated using the average closing price of the Shares on the Exchange for the twenty day period preceding the date the Shares are due.
2. Consolidation:
Pursuant to a special resolution passed by shareholders August 11, 2010, the Company has consolidated its capital on a 2 old for 1 new basis. The name of the Company has not been changed.
Effective at the opening Thursday, September 2, 2010 shares of the Company will commence trading on TSX Venture Exchange on a consolidated basis.
Post - Consolidation
Capitalization: Unlimited shares with no par value of which
2,300,000 shares are issued and outstanding
Escrow 1,300,000 shares are subject to escrow
Transfer Agent: Olympia Trust Company
CUSIP Number: 675422 2 08 (NEW)
3. Reinstated for Trading:
Effective at market opening Thursday, September 2, 2010, trading will be reinstated in the securities of the Company.
Symbol: OCC (same symbol as CPC but with .P removed)
Insider / Pro Group Participation: N/A
The Company is classified as a "Mineral Exploration" company.
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