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New World Resource to acquire medical equipment firm in reverse takeover

New World Resource Corp. entered into a nonbinding letter of intent for the acquisition of Perimeter Medical Imaging Inc., a privately held company that develops, patents and commercialized surgical imaging tools, in a reverse takeover transaction.

The deal would provide Perimeter Medical with capital to launch a platform imaging product recently approved by the U.S. Food and Drug Administration, according to a March 13 release.

In terms of the deal, New World, or a wholly owned subsidiary of New World, will acquire the entire share capital of Perimeter Medical in exchange for New World shares.

New World shareholders would receive a warrant to purchase one share of New World at an exercise price of 30 Canadian cents each for every two New World shares held immediately before the transaction closes. The warrants would be valid for two years after closing.

New World CEO John Lando said the deal would "best position our company to maximize shareholder equity."

The company holds a 37.6% interest in the Lipena copper project in Bolivia.