TSXV:MOA - Post Discussion
Post by
birdie22 on Jul 05, 2012 3:46pm
Done Deal
Marathon Gold Receives Court Approval for the Arrangement with Mountain Lake Resources
- Marathon Gold to become the 100% owners of the Valentine LakeProject, Newfoundland
TORONTO, July 5, 2012/CNW/ - Marathon Gold Corporation ("Marathon" or the "Company") (MOZ: TSX) today announced that the Supreme Court of British Columbia has approved the previously announced arrangement ("Arrangement") whereby Marathon Gold Corporation ("Marathon") will acquire all of the outstanding common shares of Mountain Lake Resources ("Mountain Lake") to consolidate Mountain Lake's and Marathon's respective 50% interests in the Valentine LakeProject, resulting in Marathon becoming the 100% owner of the project. Mountain Lake's remaining projects will be transferred to Mountain Lake Minerals Inc. ("Spinco"), a newly incorporated exploration company.
Assuming all other remaining conditions to the Arrangement are either satisfied or waived, the Company expects that the closing date of the Arrangement (the "Effective Date") will occur on or about Monday July 9, 2012. Under the terms of the Arrangement, Mountain Lake shareholders on the Effective Date will receive 0.40 of a Marathon common share and 0.40 of a common share in Spinco for every Mountain Lake share held. For complete details of the Plan of Arrangement, interested persons are directed to the Information Circular filed on SEDAR (www.sedar.com) on June 6, 2012by Marathon Gold under its profile.
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