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TORONTO, Jan. 9, 2013 /CNW/ - Micon Gold Inc. (now amalgamated as Jubilee Gold Exploration Ltd.) (the "Company"). This press release is being disseminated as required by National Instrument 62‐103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") regarding the issuance of Orefinders Resources Inc. ("Orefinders") securities to the Company of 80 Richmond Street West, Suite 605, Toronto, Ontario, Canada.
As a result of an Option Agreement dated January 19, 2012 between the Company and Fechi Inc. (the "Option Agreement"), the Company acquired securities of Orefinders. On January 1, 2013, the Company amalgamated with Jubilee Gold Inc. and Ansil Resources Ltd. to form Jubilee Gold Exploration Ltd.
Pursuant to the Option Agreement, Orefinders issued the Company 14,117,143 common shares in the capital of Orefinders and 1,694,571 common share purchase warrants (collectively, the "Orefinder Securities") upon the listing of Orefinders shares on the TSX Venture Exchange on December 17, 2012. The 14,117,143 common shares and 1,694,571 common share purchase warrants represent 30% of the issued shares and warrants of Orefinders at the date of listing.
The Orefinder Securities are subject to an escrow agreement dated October 15, 2012 that the Company signed pursuant to which 10% of the Orefinder Securities will be released at listing and 15% each six months thereafter.
The Orefinder Securities were issued pursuant to an option agreement between the Company and Fechi Inc which it assigned to Orefinders and the Company may increase or decrease its beneficial ownership or control depending on market or other conditions.
A copy of the Early Warning Report may be found on www.SEDAR.com
Neither the 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: JUBILEE GOLD INC.
For further information:
Sigrid I. Ades
Telephone: (416) 364-0042