Bulletin 2010- 0511
TORONTO, May 26 /CNW/ - Great Bear Resources Ltd. ("Great Bear" or the "Company") has announced the effective date of its statutory arrangement (the "Arrangement") previously approved by its shareholders and by the Supreme Court of British Columbia. The effective date of the Arrangement will be May 31, 2010 (the "Arrangement Effective Date").
The Arrangement will result in the transfer of certain assets of Great Bear to Mountain Gold Resources Ltd. ("Mountain Gold"), a wholly-owned subsidiary of Great Bear, under the provisions of Section 288 of the British Columbia Business Corporations Act (the "BCBCA").
The results of the proposed Arrangement are summarized as follows:
- each Great Bear Shareholder will receive one-third of a common share
of Mountain Gold (to the nearest whole share) for each common share
of Great Bear owned by such Great Bear Shareholder on the Arrangement
- each Great Bear Shareholder will continue to own one common share of
Great Bear for each common share of Great Bear owned by such Great
Bear Shareholder on the Arrangement Effective Date;
- Great Bear will retain all of its cash except for $50,000 to be
transferred to Mountain Gold as initial working capital, and will
continue to carry on the business of exploration and development of
- Mountain Gold will acquire Great Bear's interest in the "Birch" gold
prospect, located in the Cariboo Mining Division of British Columbia,
and $50,000 in cash from Great Bear.
Company: Great Bear Resources Ltd.
Effective Date and Record Date: Monday, May 31, 2010
Ex-Distribution Date: Thursday, May 27, 2010
SOURCE Canadian National Stock Exchange (CNSX)
For further information: For further information: please contact Radhika Ramkarran at (416) 572-2000 X 2435 or E-mail: firstname.lastname@example.org