Marathon Gold's Acquisition of Mountain Lake Resources Receives Overwhelming Support of Shareholders
30 6월 2012 - 3:30AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ TORONTO, June 29, 2012 /CNW/ -
Marathon Gold Corporation ("Marathon" or the "Company") is pleased
to report that its shareholders have voted overwhelmingly in favour
of the issuance of common shares of the Company to the security
holders of Mountain Lake Resources Inc. ("Mountain Lake") in
connection with the previously announced proposed arrangement (the
"Arrangement") between Marathon and Mountain Lake. Marathon's
shareholders voted 99.9% in favour of the resolution at the annual
and special meeting of shareholders of the Company held today. In
addition, Marathon has been advised by Mountain Lake that Mountain
Lake's security holders also approved the Arrangement today at its
own special meeting of shareholders with 99.9% of the votes cast in
favour of the transaction. Assuming that all of the remaining
conditions to the Arrangement are satisfied or waived, Marathon
expects the Arrangement to become effective on or about July 9,
2012. "The Board and Management of Marathon Gold would like to
thank our shareholders for the overwhelming support of the
acquisition. More than 52% of the shareholders voted and 99.9% were
in favor of the transaction. We are also pleased that Mountain Lake
shareholders have also voted in favor of the transaction. We look
forward to having these new shareholders. With 100% of the
Valentine Lake Project in hand, we are in a much stronger position
to advance this important project," said Phillip Walford, President
and CEO of Marathon Gold. Pursuant to the Arrangement, the Company
will acquire all of the outstanding common shares of Mountain Lake
to consolidate Mountain Lake's and Marathon's respective 50%
interests in the Valentine Lake Project, 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. Under
the terms of the Arrangement, Mountain Lake shareholders will
receive 0.40 of a Marathon common share and 0.40 of a common share
in Spinco for every Mountain Lake share held. Further details of
the transaction are available on Sedar in the Marathon Gold
Circular. About Marathon Gold Corporation Marathon Gold Corporation
is a North American gold resource development company, with
projects located in the mining friendly province of Newfoundland
and Labrador, the prolific Coeur d'Alene Mining District of Idaho
and the historic gold rich Greenhorn District of Oregon, USA.
Marathon has a project pipeline consisting of early stage
exploration to advanced resource development projects. Marathon is
continually evaluating new gold resource development projects of
merit that are located within the Americas. Marathon's
focused and low-cost approach to exploration and resource
development has an established record of delivering rapid
growth. For more information visit: www.marathon-gold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Except
for statements of historical fact relating to Marathon Gold
Corporation, certain information contained herein constitutes
"forward-looking statements". Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, or include words such as "expects",
"anticipates", "plans", "believes", "considers", "intends",
"targets", or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could". We provide forward-looking
statements for the purpose of conveying information about our
current expectations and plans relating to the future and readers
are cautioned that such statements may not be appropriate for other
purposes. By its nature, this information is subject to
inherent risks and uncertainties that may be general or specific
and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved.
These risks and uncertainties include but are not limited to those
identified and reported in Marathon Gold Corporation's public
filings, which may be accessed at www.sedar.com. Other than
as specifically required by law, we undertake no obligation to
update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made, or to
reflect the occurrence of unanticipated events, whether as a result
of new information, future events, results or otherwise.
Marathon Gold Corporation CONTACT: Marathon Gold Corporation
Phillip WalfordPresident and CEOTel: 1-416-987-0711Jennie
GuayInvestor Relations ManagerTel: 1-416-987-0714E-mail:
jguay@marathon-gold.com
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