Immpressions about YNG, YS Mining and TLGAbout what is happening ...refer to the YNGFF board, and the TLG board as of yesterday...they are the same NR's explaining what is happening...or is going to happen.
First..YS MIning know controls the TLG board, and is in control of TLG
NWM putting in 60 million dollars for a equal share of the Ketza properties, and after paying off TLG's debts with 5, or so million, it will leave approximately 55 million dollars in the YS mining treasury for probably immediate development of the Ketza and TLG properties.
This will all be merged into a "Newco" , and brought public on a trading exchange.
In my opinion.....they will take the public shell of TLG....change the name, and go public...
YNG will have at least 50%, or the majority of the new company
About Ketza...with NWM putting in 60 million dollars for 50% of Ketza.....that means Ketza has a value of about 120 million
Note: These are only my summations of what is happening...or is going to happen.......Richard
This is part of the NR from YNGFF, and TLG
NWM would purchase additional shares of YS Mining for $60.0 million
in cash;
- YS Mining would acquire, for shares in YS Mining, all of the issued
and outstanding shares of Ketza River Holdings Ltd., a wholly-owned
subsidiary of YNG which owns the Ketza River property;
- following completion of the two transactions referred to above, YS
Mining and Tagish would merge or otherwise combine their respective
businesses to form Newco pursuant to a plan of arrangement under the
Business Corporations Act (British Columbia), at share exchange ratios
to be negotiated and agreed upon by the parties having regard to the
respective fair market values of YS Mining and Tagish, as confirmed
by an independent fairness opinion;
- Newco would apply to become a publicly traded company prior to
completion of the contemplated transactions;
- the composition of the Board of Directors of Newco would be negotiated
and agreed upon by the parties;
- the Board of Directors of Newco would include Messrs. Sun Feng,
Graham Dickson and Robert Baldock, who have substantial experience in
developing, constructing and operating multiple mines in the Yukon;
- Newco would emerge from creditor protection under the Companies'
Creditors Arrangement Act free of debt and with working capital of
not less than $55.0 million;
- the parties would use their respective best efforts to negotiate a
comprehensive agreement incorporating the terms and conditions of
the MOU;
- YS Mining would have the right to terminate the MOU at any time if
there were to occur a change of control of Tagish; and
- the completion of the transactions provided for in the MOU (the
"Proposed Transactions") would be subject to all necessary regulatory
approvals and consents.