Brazauro closes arrangement with Eldorado Gold Corporation
July 20 2010 - 4:16PM
PR Newswire (Canada)
HOUSTON, TX, July 20 /CNW/ -- Trading Symbol: BZO-TSX.V HOUSTON,
TX, July 20 /CNW/ - Brazauro Resources Corporation ("Brazauro" or
the "Company" TSX.V: BZO) announces that the previously announced
plan of arrangement (the "Arrangement") with Eldorado Gold
Corporation ("Eldorado" TSX:ELD, NYSE:EGO) closed today. Pursuant
to the Arrangement, Eldorado acquired all of the outstanding common
shares of Brazauro (the "Brazauro Shares"). Under the Arrangement,
each Brazauro Share (other than shares held by Eldorado) was
exchanged for 0.0675 of a common share of Eldorado, plus one third
of a common share of TriStar Gold Inc. ("TriStar"), a new
exploration company incorporated to hold certain Brazauro assets.
In addition, Eldorado provided C$10 million in funding to TriStar.
The TriStar common shares are expected to commence trading on the
TSX Venture Exchange on July 21, 2010. All unexercised Brazauro
options and warrants will be exercisable for common shares of
Eldorado on identical terms, adjusted in respect of exercise price
and number, using the same exchange ratio as for the Brazauro
Shares. The Arrangement was approved by the Brazauro
securityholders at a meeting of Brazauro securityholders held on
July 15, 2010 and received final approval by the British Columbia
Supreme Court on July 16, 2010. 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. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein. Forward-Looking
Statements Certain statements contained in this press release may
constitute forward-looking statements under Canadian securities
legislation which are not historical facts and are made pursuant to
the "safe harbour" provisions under the United States Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are based upon the Company's reasonable expectations and
business plan at the date hereof, which are subject to change
depending on economic, political and competitive circumstances and
contingencies. Readers are cautioned that such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause a change in such assumptions and the actual
outcomes and estimates to be materially different from those
estimated or anticipated future results, achievements or position
expressed or implied by those forward-looking statements. Risks,
uncertainties and other factors that could cause the Company's
plans to change include uncertainties related to the satisfaction
of the conditions required to complete the Arrangement; changes in
demand for and price of gold and other commodities (such as fuel
and electricity) and currencies; changes or disruptions in the
securities markets; legislative, political or economic developments
in Brazil; the need to obtain permits and comply with laws and
regulations and other regulatory requirements; the possibility that
actual results of work may differ from projections/expectations or
may not realize the perceived potential of the company's projects;
risks of accidents, equipment breakdowns and labour disputes or
other unanticipated difficulties or interruptions; the possibility
of cost overruns or unanticipated expenses in development programs;
operating or technical difficulties in connection with exploration,
mining or development activities; the speculative nature of gold
exploration and development, including the risks of diminishing
quantities of grades of reserves and resources; and the risks
involved in the exploration, development and mining business. The
Company disclaims any intention or obligation to update or revise
any forward-looking statements whether as a result of new
information, future events or otherwise. Brazauro Resources
Corporation, James Komadina, President and Chief Operating Officer,
719-330-4477; Mark Jones III, Chairman and CEO, 281-579-3400; Media
contact: John Lute, Lute & Company, 416-929-5883,
info@brazauroresources.com
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