Moss Lake Shareholders Approve Acquisition by Wesdome Gold Mines Ltd.
TORONTO, March 21, 2014 /CNW/ - Moss Lake Gold Mines Ltd. ("Moss Lake") (TSXV: MOK) is pleased to announce that its shareholders, at a special meeting held earlier today, approved its previously announced three-cornered amalgamation (the "Amalgamation") with Moss Lake's 56.8% shareholder Wesdome Gold Mines Ltd. ("Wesdome") (TSX: WDO).
100% of the votes cast by all shareholders who were present at the meeting in person or represented by proxy were in favour of the Amalgamation. Consequently, votes cast by "minority shareholders", which excluded Wesdome and certain other interested parties, were also 100% in favour of the Amalgamation.
George Mannard, President of Moss Lake, commented: "This creates a powerhouse junior exploration company with extensive mining and milling infrastructure in two proven Canadian gold mining camps, growing profitable production and a 100% owned resource base exceeding 5 million ounces of gold with which to plot our future course. Clearly the combined entity is greater than the sum of its parts. The resounding support of shareholders recognizes the potential of the combined assets and we believe over time the market will come to realize the value of this unique asset base."
Pursuant to the Amalgamation, Wesdome will, indirectly, acquire all of the issued and outstanding common shares of Moss Lake which it does not already own and Moss Lake shareholders will receive one common share of Wesdome in exchange for every 3.85 common shares of Moss Lake. Further details regarding the Amalgamation are set out in Moss Lake's Notice of Special Meeting of Shareholders and Information Circular dated February 14, 2014, a copy of which is available at www.sedar.com under Moss Lake's profile.
Assuming all conditions to the Amalgamation are satisfied or waived, the Amalgamation is expected to become effective on March 21, 2014 or shortly thereafter. If the Amalgamation is effected, thereafter the common shares of Moss Lake will cease to be listed on the TSX Venture Exchange ("TSXV").
About Moss Lake
Moss Lake, currently a 56.8%-owned subsidiary of Wesdome, was created in 1994 to consolidate ownership of the Moss Lake gold deposit. Moss Lake trades on the TSXV under the symbol "MOK" and currently has 47 million common shares issued and outstanding.
Forward Looking Statements
This press release includes certain statements that constitute "forward‐looking statements" and "forward‐looking information" within the meaning of applicable securities laws (collectively, "forward‐looking statements"). These statements include statements regarding Moss Lake's intent, or the beliefs or current expectations of Moss Make's directors and officers. Such statements are typically identified by words such as "believe", "anticipate", "estimate", "project", "intend", "expect", "may", "will", "plan", "should", "would", "contemplate", "possible", "attempts", "seeks" and similar expressions. Forward‐looking statements may relate to Moss Lake's future outlook and anticipated events or results.
By their very nature, forward‐looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward‐looking statements will not prove to be accurate. Do not unduly rely on forward‐looking statements, as a number of important factors, many of which are beyond Moss Lake's control, could cause actual results to differ materially from the estimates and intentions expressed in such forward‐looking statements. These factors include, but are not limited to the occurrence of any other event, change or circumstance that could give rise to the termination of the Amalgamation Agreement, or the delay of consummation of the Amalgamation or failure to complete the Amalgamation for any other reason.
Forward‐looking statements speak only as of the date those statements are made. Except as required by applicable law, Moss Lake does not assume any obligation to update, or to publicly announce the results of any change to, any forward‐looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward‐looking statements.
Neither the TSX, TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
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Moss Lake Gold Mines Ltd.