Pediment and Argonaut Extend Time for Completion of Business Combination Transaction
22 11월 2010 - 11:00PM
Marketwired
Argonaut Gold Inc. (TSX: AR) ("Argonaut") and Pediment Gold Corp.
(TSX: PEZ)(OTCBB: PEZGF)(FRANKFURT: P5E) ("Pediment") announce that
they are amending the deadline for the completion of their business
combination transaction from December 23, 2010 to January 31, 2011.
This amendment is being implemented to allow the parties to confirm
the impact of certain proposed legislative changes and to complete
the required disclosure for their proxy circulars. The other terms
and conditions of their October 18, 2010 business combination
agreement remain in unchanged and in force.
Amendments have been proposed to the local environmental laws in
the State of Baja California Sur (the "BCS"), Mexico which may
adversely affect Pediment's ability to secure a building licence
for the development of its San Antonio Project as currently
envisioned. The contents and enforceability of the proposed
legislation, remain unclear. Pediment and Argonaut are cooperating
in an active investigation of the matter to reach a definitive
understanding of the pending legislation. Based on the information
received to date, they understand that that the legislative
amendments as originally proposed remain subject to approval of the
governor and a possible re-examination by BCS lawmakers.
Forward Looking Information
This news release contains forward looking statements of
Argonaut and Pediment, within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and within the meaning of
applicable Canadian provincial securities legislation.
Forward-looking statements are statements which are not historical
facts, including, without limitation, statements regarding the
proposed acquisition of Pediment by Argonaut, the proposed
amendments to the laws affecting mining projects in Mexico and the
likely impact of those proposed amendments on Pediment's business
and prospects. There can be no assurance that such statements will
prove accurate. Such statements are necessarily based upon a number
of assumptions that are subject to numerous risks and uncertainties
that could cause actual results and future events to differ
materially from those anticipated or projected. Important factors
that could cause actual results to differ materially from
Argonaut's or Pediment's expectation are in the documents filed by
Argonaut and Pediment, respectively, from time to time with the
Toronto Stock Exchange and provincial securities regulators, most
of which are available at www.sedar.com. Other than as required by
applicable securities legislation, Argonaut and Pediment disclaim
any intention and assumes no obligation to revise or update any
forward-looking statement even if new information becomes
available, as a result of future events or for any other
reason.
The Toronto Stock Exchange has not reviewed or accepted
responsibility for the adequacy or accuracy of this news
release.
Contacts: Argonaut Gold Inc. Nichole Cowles Investor Relations
Manager (775) 284-4422 x 101 nichole.cowles@argonautgoldinc.com
www.argonautgoldinc.com
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