If you go to the website of White Bear Resources, a natural resource company, you’ll be met with a message that reads, “White Bear Resources is currently undergoing maintenance.” That maintenance, it appears, is the acquisition of British Columbia-based Tinkerine Studio Ltd., makers of the Ditto+ and Litto 3D printers. The two companies signed a binding letter of intent (LOI), accepted on January 4, 2014, and White Bear “is expected to change the focus of its business in connection with the Acquisition”, so likely we’ll see an all-new 3D printing related website.
The agreement will see White Bear “acquire all of the 200 issued and outstanding shares of Tinkerine in exchange for the issuance of an aggregate of 12,000,000 common shares of White Bear,” which will make the 3D printer manufacturer, awarded “Surprise Hit” and “Best Value” by Make this past year, a wholly-owned subsidiary of White Bear. Tinkerine option holders will exchange their 15 options for 900,000 options of White Bear, exercisable for one share of White Bear at $0.15 a share until December 20, 2016. Tinkerine will also receive a minimum of $2,000,000 in financing from the parent company in the form of 8,000,000 units at $0.25 per unit.
After the deal is closed, officers and directors of White Bear, Byron Coulthard, James Clucas and Cyrus Driver will be replaced by principals of Tinkerine Studio, while John Veltheer continues on as director of White Bear. The LOI offers a list of possible officers and directors to be a part of the White Bear board: Desmond Liew, CEO of a rare Earth metal mining company called Taiwan Rare Earth Ltd. will most likely act as Chairman and Director; Eugene Suyu, CEO of Tinkerine will become the CEO of White Bear; Martin Burian, director of Atlas Cloud Enterprises Inc. will be the CFO; John Veltheer who is also a director of Atlas Cloud Enterprises and works in mineral exploration will be a director of White Bear; and Todd Blatt, a 3D designer and co-owner of BMore3D will also be a director.
Strange combination of businesses — rare Earth metals and minerals and a 3D printing company. Although it may be a coincidence that such a company simply decided to switch focus and pursue 3D printing, it may also indicate the possibility of Tinkerine supplying its own unique materials, apart from the plastics they already sell. White Bear is traded on the Canadian Stock Exchange under the symbol WBR, so they might benefit from some public money with their new 3DP direction.
Source: Yahoo! News
