Lateegra Gold Shareholders Vote 99.98% in Favour of Arrangement With Excellon Resources
29 Juli 2011 - 6:10PM
Marketwired
Lateegra Gold Corp. ("Lateegra" or the "Company") (TSX VENTURE:
LRG) is pleased to announce the results of its Special Meeting of
Shareholders (the "Meeting") held on July 29, 2011 in Toronto,
Ontario. At the Meeting, Lateegra Shareholders voted 99.98% in
favour of the proposed arrangement (the "Arrangement") with
Excellon Resources Inc. ("Excellon") (TSX: EXN) to be carried out
by way of a plan of arrangement pursuant to the Business
Corporations Act (British Columbia).
Pursuant to the Arrangement, each Lateegra shareholder will be
entitled to receive 0.54 common shares of Excellon for every one
(1) share of Lateegra (the "Exchange Ratio") held by that
shareholder on the effective date of the Arrangement. Each
outstanding option of Lateegra shall be exchanged for options of
Excellon that will entitle the holder to receive, upon the exercise
thereof, Excellon shares equal to the product of: (a) the number of
Lateegra shares subject to such Lateegra option immediately prior
to the effective time of the Arrangement and (b) the Exchange
Ratio. Each outstanding warrant of Lateegra will entitle the holder
to receive, upon the exercise thereof, Excellon shares equal to the
product of: (a) the number of Lateegra shares subject to such
Lateegra warrant immediately prior to the effect time of the
Arrangement and (b) the Exchange Ratio.
Completion of the Arrangement is subject to the approval of the
Supreme Court of British Columbia (the "Court") and final
acceptance by the TSX Venture Exchange (the "Exchange").
At 9:00 a.m. on August 3, 2011, Lateegra plans to apply to the
Court at 800 Smithe Street, Vancouver, British Columbia, to obtain
the Final Order of the Court approving the Arrangement pursuant to
the Interim Order of Justice Savage dated June 28, 2011. At the
hearing, any securityholders of Lateegra and any other interested
parties who wish to participate or to be represented or to present
evidence or arguments may do so, subject to filing with the Court
and delivering a notice of such intention to appear to Anne Mutter,
Boughton Law Corporation, Suite 700, 595 Burrard Street, Vancouver,
British Columbia V7X 1S8, counsel for Lateegra, no later than 4:00
p.m on August 2, 2011, the day immediately preceding the date of
the hearing. Assuming the Court issues its Final Order approving
the Arrangement and the Exchange gives final acceptance of the
Arrangement, Lateegra proposes to complete the Arrangement on or
about August 5, 2011.
About Lateegra:
Lateegra is a junior exploration company with gold exploration
properties primarily located in northeastern Ontario and
northwestern Quebec. Lateegra holds interest in three promising
gold properties, the DeSantis Mine Project in Timmins, Ontario, the
Beschefer Project, near Matagami, Quebec and the Stoughton Project,
near the Holt-Holloway Gold Mine.
About Excellon:
Excellon, a mineral resource company operating in Durango and
Zacatecas States, Mexico, is committed to building value through
production, expansion and discovery. Excellon is producing silver,
lead and zinc from the high-grade manto Mineral Resource on its
large, 100% owned Platosa Property, strategically located in the
middle of the Mexican silver belt. Excellon's focus is on expanding
its operating capacity and increasing its Mineral Resources at
Platosa where an exploration program focused on diamond drilling
and advanced geophysical techniques is ongoing. All of these
activates are fully funded through existing cash flow. The Platosa
Property, not fully explored, has several geological indicators of
a large mineralized system.
On behalf of
EXCELLON RESOURCES INC.
Jeremy Wyeth, President and Chief Executive Officer
LATEEGRA GOLD CORP.
Christopher Verrico, President and Chief Executive Officer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 27E of
the Exchange Act. Such statements include, without limitation,
statements regarding the future results of operations, performance
and achievements of the Company, including potential property
acquisitions, the timing, content, cost and results of proposed
work programs, the discovery and delineation of mineral
deposits/resources/reserves, geological interpretations, proposed
production rates, potential mineral recovery processes and rates,
business and financing plans, business trends and future operating
revenues. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, variations in the nature, quality and quantity of any
mineral deposits that may be located, significant downward
variations in the market price of any minerals produced
(particularly silver), the Company's inability to obtain any
necessary permits, consents or authorizations required for its
activities, to produce minerals from its properties successfully or
profitably, to continue its projected growth, to raise the
necessary capital or to be fully able to implement its business
strategies. All of the Company's public disclosure filings may be
accessed via www.sedar.com and readers are urged to review these
materials, including the technical reports filed with respect to
the Company's mineral properties, and particularly the January 15,
2010 NI 43-101-compliant technical report prepared by Scott Wilson
Roscoe Postle Associates Inc. with respect to the Platosa Property.
This press release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
Neither 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.
Contacts: Excellon Resources Inc. Ms. Morgan Knowles Vice
President, Investor Relations (416) 364-1130
mknowles@excellonresources.com www.excellonresources.com
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