Cadiscor Resources Will not Proceed With the Proposed Business Combination With Tiomin Resources
20 February 2009 - 4:23AM
Marketwired
Cadiscor Resources Inc. (TSX VENTURE: CAO) ("Cadiscor") announced
today that they will not proceed with the business combination with
Tiomin Resources Inc. ("Tiomin") (TSX: TIO) as announced on
February 10, 2009.
As a result of the recent announcement by one of Tiomin's
significant shareholders, Cadiscor was approached by Tiomin to make
material changes to the terms of the transaction as agreed to by
both companies on February 09, 2009. The Board of Cadiscor met to
consider the proposed changes and determined that the revised terms
were no longer beneficial to the shareholders of Cadiscor and as a
result have decided to not go forward with the revised proposed
transaction.
As part of the transaction, Tiomin completed a thorough Due
Diligence review on Cadiscor and on its main asset, the Sleeping
Giant Mine, including the engagement of Roscoe Postle Associates
Inc., an Independent Firm of geological and mining consultants,
which reviewed and confirmed the development plan of the Sleeping
Giant Mine, as well as the financial soundness of the development
and production plan for the continuing company.
Michel Bouchard, President and Chief Executive Officer of
Cadiscor, said: "We are disappointed that we cannot proceed with
the original business combination Agreement. We are looking at
other financing alternatives to finance the Sleeping Giant Mine
production start-up. With the continued surge in the gold price we
are confident to obtain the financing to commence gold production
from the Sleeping Giant Mine in 2009."
Forward-Looking Statements
This press release contains forward-looking statements subject
to certain risks and uncertainties. There can be no assurance that
these statements will prove to be correct, and actual results and
future events could differ materially from those implied by such
statements. These risks and uncertainties are discussed in the
annual report filed with the securities commissions of Alberta,
British Columbia and Quebec, and in the 10-KSB annual report filed
with the US Securities and Exchange Commission.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts: Cadiscor Resources Inc. Michel Bouchard President
450-449-0066 mbouchard@cadiscor.com Cadiscor Resources Inc. Linda
Plante Investor Relations 450-449-0066 lplante@cadiscor.com
www.cadiscor.com
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