PG:TSX
BPV:TSX
THUNDER BAY, ON, Dec. 5, 2012 /CNW/ - PREMIER GOLD MINES LIMITED (PG:TSX) ("Premier Gold") and BRIDGEPORT VENTURES INC. (BPV:TSX) ("Bridgeport") are pleased to announce that they have completed their previously announced business combination (the "Transaction") of Premier Gold's royalty subsidiary and Bridgeport to form a new publicly traded entity, Premier Royalty Inc. ("Premier Royalty"), continuing under symbol BPV:TSX.
Premier Royalty's common shares and certain warrants have been conditionally approved to trade on the Toronto Stock Exchange ("TSX") under the symbols "NSR", "NSR.WT" and "NSR.WT.A", respectively. This change is expected to be implemented next week under separate announcement.
Abraham Drost, President & CEO of Premier Royalty Inc., stated: "with a number of cash-flowing royalties in place and a pipeline of earlier stage royalty assets, the close of this transaction marks a promising launch for Premier Royalty Inc. and a fruitful outcome for Bridgeport and Premier Gold. We look forward to maintaining a track record of growth organically and through the acquisition of additional cash flowing and near-term cash flowing royalties with a focus on stable jurisdictions in the Americas and elsewhere."
In connection with the Transaction:
As a result of the Transaction, there are approximately 62.9 million Premier Royalty Shares outstanding (on a non-diluted basis), of which approximately 12.6 million Premier Royalty Shares, representing approximately 20.1% of the outstanding Premier Royalty Shares, are held by Bridgeport shareholders of record immediately prior to the completion of the Transaction.
Premier Gold has acquired the approximately 33.7 million Premier Royalty Shares, 5.5 million Premier Royalty Shares and 1.46 Class II Warrants for investment purposes. Premier Gold may purchase or sell (subject to escrow restrictions) securities of Premier Royalty in the future on the open market or in private transactions depending on market conditions and other factors material to the investment decisions of Premier Gold. Ewan Downie, President & CEO of Premier Gold, may be contacted for a copy of the early warning report which will be filed by Premier Gold on Premier Royalty's profile on www.sedar.com.
About Premier Royalty Inc.
Premier Royalty Inc. features a high quality cash-flowing royalty portfolio on several remarkable gold mines including:
Premier Royalty Inc. also has a number of promising earlier stage exploration and development royalties in its growth pipeline and is actively assessing other potential royalty acquisitions and corporate development opportunities in stable jurisdictions.
About Premier Gold Mines Limited
Premier Gold Mines Limited is one of North America's leading exploration and development companies with a high-quality pipeline of projects focused in proven, safe and accessible mining jurisdictions in Canada and the United States. Premier Gold's portfolio includes significant assets in world class gold mining districts including Red Lake, Musselwhite and Geraldton in Ontario and the Carlin and Battle Mountain Trends in Nevada.
With the completion of the Transaction involving Premier Royalty Corporation, Premier Gold is set to become the largest shareholder in the market's next royalty vehicle. Premier Gold's share position in Premier Royalty Inc. provides Premier Gold with a strong balance sheet of approximately $170 million in cash and investments and allows Premier Gold flexibility to advance its projects and peruse attractive opportunities that current market conditions may provide.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration or an applicable exemption from U.S. registration requirements.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in Premier Gold's annual information form under the heading "Risk Factors" and in Bridgeport's management information circular dated as of October 31, 2012. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Premier Gold and Premier Royalty each disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: Bridgeport Ventures Inc.
For further information:
Ewan Downie, President & CEO
Premier Gold Mines Limited
Phone: 807-346-1390
Fax: 807-346-1381
e-mail: info@premiergoldmines.com
Web Site: www.premiergoldmines.com
Abraham Drost, P.Geo., President & CEO
Premier Royalty Inc.
Phone: 807-476-2400
Fax: 807-476-2409
email : info@premierroyalty.com
Web Site: www.premierroyalty.com
Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.
Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.
Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.
Share this article