Union Gold Inc. Terminates Proposed Merger With Shoal Point Energy Ltd.
09 8월 2008 - 5:53AM
Marketwired
UNION GOLD INC. (TSX VENTURE: UN) ("Union"), a TSX Venture Exchange
listed Company, announced today that it has exercised its right to
terminate the definitive agreement by and between Union and Shoal
Point Energy Ltd. dated June 24, 2008, providing for a reverse
take-over of Union (the "Agreement"). The Agreement permitted,
among other things, Union to terminate the Agreement on the basis
of a condition precedent that Shoal Point Energy Ltd. will secure
expressions of support from at least 55% of its securityholders.
Although a foundation for the reverse take-over was established,
Shoal Point Energy Ltd. was unable to meet the requirement of the
condition precedent within the time frame agreed upon. Upon
termination of the Agreement, the loan advanced to Shoal Point
Energy Ltd. in the amount of $1.6 million dollars became
immediately repayable. Union has demanded immediate repayment of
the loan in full. Union stated that it intends to vigorously
enforce its rights under its agreement with Shoal Point Energy Ltd.
The TSX Venture Exchange advised that trading in Union's securities
will resume on August 12, 2008.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Union Gold Inc. Sigrid I. Ades Secretary-Treasurer
(416) 364-0042 or 1-800-442-0824 (416) 364-2630 (FAX) Email:
thebeckergroup@bellnet.ca
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