TSX: GPR
NYSE MKT: GPL
VANCOUVER,
May 27,
2015 /CNW/ - GREAT PANTHER SILVER
LIMITED (TSX: GPR) (NYSE MKT: GPL) ("Great Panther") and
Cangold Limited (TSX-V: CLD) ("Cangold") are pleased to announce
the completion of the previously announced plan of arrangement (the
"Arrangement") pursuant to which Great Panther has acquired all of
the issued and outstanding common shares of Cangold ("Cangold
Shares"). Cangold is now a wholly-owned subsidiary of Great
Panther.
The Arrangement was approved at Cangold's special meeting of
shareholders held on May 22, 2015 by
approximately 99.44% of the votes cast by Cangold
shareholders. Final approval for the Arrangement was obtained
from the Supreme Court of British
Columbia on May 26, 2015.
As a result, the Cangold Shares will be delisted from the TSX
Venture Exchange and Great Panther will apply to the relevant
securities commissions for Cangold to cease to be a reporting
issuer under Canadian securities laws.
The Arrangement
Under the Arrangement, each Cangold Share was exchanged for 0.05
of a common share of Great Panther (the "Exchange Ratio"). In
addition, each outstanding option and warrant to acquire Cangold
Shares now entitles the holder thereof to receive, upon the
exercise thereof, 0.05 Great Panther shares in lieu of each Cangold
Share, at a price adjusted in accordance with the Exchange Ratio,
and otherwise on the same terms and conditions as the original
option or warrant.
Full details of the Arrangement and certain other matters are
set out in the management information circular of Cangold dated
April 20, 2015 (the "Information
Circular"). A copy of the Information Circular can be found
under Cangold's profile on SEDAR at www.sedar.com.
Cangold shareholders who have questions or who may need
assistance with the completion of letters of transmittal are
advised to contact Computershare Investor Services Inc., the
depository for the Arrangement, at:
North American Toll Free: 1 800 564 6253
Email: corporateactions@computershare.com
About Great Panther
Great Panther Silver Limited is a primary silver mining and
exploration company listed on the Toronto Stock Exchange trading
under the symbol GPR, and on the NYSE MKT trading under the symbol
GPL. Great Panther's current activities are focused on the
mining of precious metals from its two wholly-owned mining
operations in Mexico: the
Guanajuato Mine Complex, which includes the San Ignacio satellite mine, and the Topia Mine
in Durango. The Company has signed a two-year option
agreement to acquire a 100% interest in the Coricancha Mine Complex
in the central Andes of Peru and,
through the acquisition of Cangold, now holds an option agreement
on the advanced stage Guadalupe de
los Reyes Project in Mexico.
ON BEHALF OF THE BOARD
"R.W. (Bob) Garnett"
R.W. (Bob) Garnett
Chairman of Great Panther Silver Limited
Cautionary Statement on Forward-Looking Statements
This news release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of Canadian securities laws (together, "forward-looking
statements"). Such forward-looking statements may include but
are not limited to statements regarding Great Panther's intention
to delist the Cangold Shares and cause Cangold to cease being a
reporting issuer and Great Panther's plans for production at its
Guanajuato and Topia Mines in Mexico, exploring its other properties in
Mexico, the overall economic
potential of its properties and the availability of adequate
financing. Such statements and information reflect Great
Panther's views as at the date of this document and are subject to
certain risks, uncertainties and assumptions, and undue reliance
should not be placed on such statements and information. Many
factors, known and unknown could cause the actual results to be
materially different from those expressed or implied by such
forward looking statements. Such factors include, among
others, risks and uncertainties relating to potential political
risks involving the companies' operations in a foreign
jurisdiction, uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, physical risks
inherent in mining operations, currency fluctuations, fluctuations
in the price of silver, gold and base metals, completion of
economic evaluations, changes in project parameters as plans
continue to be refined, the inability or failure to obtain adequate
financing on a timely basis, and other risks and uncertainties,
including those described in Great Panther's Annual Information
Form for the year ended December 31,
2014 and Material Change Reports filed with the Canadian
securities regulators available at www.sedar.com and
reports on Form 40-F and Form 6-K filed with the Securities and
Exchange Commission and available at www.sec.gov as
well as both of Great Panther's and Cangold's other filings with
the Canadian securities regulators and Great Panther's filings with
the U.S. Securities and Exchange Commission. Great Panther
does not intend, nor does it assume any obligation, to update these
forward-looking statements and information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Great Panther Silver Limited