v.JDL $2.14 close JDL Gold, Gold Mtn, Anthem complete merger
2016-10-06 19:12 ET - News Release
See News Release (C-JDL) JDL Gold Corp
Mr. Greg Smith reports
LOWELL COPPER, GOLD MOUNTAIN MINING AND ANTHEM UNITED ANNOUNCE COMPLETION OF BUSINESS COMBINATION TO CREATE JDL GOLD CORP.
JDL Gold Corp. (formerly Lowell Copper Ltd.), Gold Mountain Mining Corp. and Anthem United Inc. have completed the previously announced business combination to create JDL Gold Corp.
Effective immediately, each Gold Mountain common share has been exchanged for 1.032 preconsolidated common shares of JDL Gold, and each Anthem share has been exchanged for 0.774 preconsolidated common share of JDL Gold. Holders of each outstanding Gold Mountain convertible security will be entitled to acquire that number of preconsolidated common shares of JDL Gold based on the Gold Mountain exchange ratio, and holders of each outstanding Anthem convertible security will be entitled to acquire that number of preconsolidated common shares of JDL Gold based on the Anthem exchange ratio.
In connection with the transaction, JDL Gold has consolidated its share capital on a one-for-6.45 basis with corresponding adjustments to its convertible securities. Further, the company has changed its name from Lowell Copper Ltd. to JDL Gold.
Following completion of the transaction, JDL Gold has approximately $65-million in cash, and a diversified portfolio of gold and copper assets in the Americas. Greg Smith has been appointed chief executive officer, and Kylie Dickson has been appointed chief financial officer of the company. The board of directors includes J. David Lowell, Catherine McLeod-Seltzer, Marcel de Groot, James O'Rourke, Matthew Hornor and Mr. Smith.
Mr. Smith, chief executive officer of JDL Gold, said: "I would like to thank the Lowell Copper, Gold Mountain and Anthem teams for their significant efforts in building their respective companies and working to complete this transaction. We at the new JDL Gold look forward to executing on our long-term strategy to build a significant and profitable producing gold-copper company."
About JDL Gold
JDL Gold is a financially strong, emerging gold-copper production and development company focused on building shareholder value through the acquisition and development of precious-metal and copper assets.