RE: RE: Off to MOZ. NR today last day of Trading Here is the deal Cousin_Gert from May 24 N.R.
As part of the Arrangement, Mountain Lake will transfer all of its projects, except for its 50% interest in the Valentine Lake Project, to Spinco. Spinco will be led by the existing management team and Board of Directors of Mountain Lake and will focus on developing its promising exploration properties, including the Glover Island, Little River, and Bobby's Pond projects. Based on a preliminary share and financing structure developed by management, it has been agreed that (i) Marathon will subscribe for securities of Spinco for aggregate consideration of $300,000 representing an estimated 6.2% of the outstanding shares of Spinco, and (ii) the directors and officers of Mountain Lake will collectively subscribe for securities of Spinco for aggregate consideration of $360,000 representing an estimated 7.4% of the outstanding shares of Spinco. At the closing of the Arrangement and prior to additional financing, it is estimated that current Mountain Lake shareholders will hold approximately 86.4% of Spinco. Further details with respect to Spinco's future business and financing plans, including details of the securities to be issued by Spinco to Marathon and the directors and officers of Mountain Lake, will be announced upon such plans being finalized