TORONTO,
March 21, 2014 /CNW/ - Moss Lake Gold
Mines Ltd. ("Moss Lake") (TSXV: MOK) is pleased to announce
that its shareholders, at a special meeting held earlier today,
approved its previously announced three-cornered amalgamation (the
"Amalgamation") with Moss Lake's 56.8% shareholder Wesdome
Gold Mines Ltd. ("Wesdome") (TSX: WDO).
100% of the votes cast by all shareholders who
were present at the meeting in person or represented by proxy were
in favour of the Amalgamation. Consequently, votes cast by
"minority shareholders", which excluded Wesdome and certain other
interested parties, were also 100% in favour of the
Amalgamation.
George Mannard,
President of Moss Lake, commented: "This creates a powerhouse
junior exploration company with extensive mining and milling
infrastructure in two proven Canadian gold mining camps, growing
profitable production and a 100% owned resource base exceeding 5
million ounces of gold with which to plot our future course.
Clearly the combined entity is greater than the sum of its
parts. The resounding support of shareholders recognizes the
potential of the combined assets and we believe over time the
market will come to realize the value of this unique asset
base."
Pursuant to the Amalgamation, Wesdome will,
indirectly, acquire all of the issued and outstanding common shares
of Moss Lake which it does not already own and Moss Lake
shareholders will receive one common share of Wesdome in exchange
for every 3.85 common shares of Moss Lake. Further details
regarding the Amalgamation are set out in Moss Lake's Notice of
Special Meeting of Shareholders and Information Circular dated
February 14, 2014, a copy of which is
available at www.sedar.com under Moss Lake's profile.
Assuming all conditions to the Amalgamation are
satisfied or waived, the Amalgamation is expected to become
effective on March 21, 2014 or
shortly thereafter. If the Amalgamation is effected,
thereafter the common shares of Moss Lake will cease to be listed
on the TSX Venture Exchange ("TSXV").
About Moss Lake
Moss Lake, currently a 56.8%-owned subsidiary of
Wesdome, was created in 1994 to consolidate ownership of the Moss
Lake gold deposit. Moss Lake trades on the TSXV under the
symbol "MOK" and currently has 47 million common shares issued and
outstanding.
Forward Looking Statements
This press release includes certain
statements that constitute "forward‐looking statements" and
"forward‐looking information" within the meaning of applicable
securities laws (collectively, "forward‐looking
statements"). These statements include statements regarding
Moss Lake's intent, or the beliefs or current expectations of Moss
Make's directors and officers. Such statements are typically
identified by words such as "believe", "anticipate", "estimate",
"project", "intend", "expect", "may", "will", "plan", "should",
"would", "contemplate", "possible", "attempts", "seeks" and similar
expressions. Forward‐looking statements may relate to Moss Lake's
future outlook and anticipated events or results.
By their very nature, forward‐looking
statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, and the risk that
predictions and other forward‐looking statements will not prove to
be accurate. Do not unduly rely on forward‐looking statements, as a
number of important factors, many of which are beyond Moss Lake's
control, could cause actual results to differ materially from the
estimates and intentions expressed in such forward‐looking
statements. These factors include, but are not limited to the
occurrence of any other event, change or circumstance that could
give rise to the termination of the Amalgamation Agreement, or the
delay of consummation of the Amalgamation or failure to complete
the Amalgamation for any other reason.
Forward‐looking statements speak only as of
the date those statements are made. Except as required by
applicable law, Moss Lake does not assume any obligation to update,
or to publicly announce the results of any change to, any
forward‐looking statement contained herein to reflect actual
results, future events or developments, changes in assumptions or
changes in other factors affecting the forward‐looking
statements.
Neither the TSX, TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
press release.
SOURCE Moss Lake Gold Mines Ltd.