Cadiscor Receives Court Approval to Hold its Special Shareholder Meeting
28 April 2009 - 1:56AM
Marketwired
Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE: CAO)(FRANKFURT:
DQN) is pleased to announce that the Superior Court of Quebec has
approved Cadiscor's petition to hold its Special Meeting on May 22,
2009 to consider a plan of arrangement between Cadiscor Resources
Inc. ("Cadiscor") and North American Palladium Ltd ("NAP").
Accordingly, the Management Information Circular will be mailed
today to all Cadiscor shareholders registered as of April 20, 2009,
the record date and will be available on our Website:
www.cadiscor.com.
The Cadiscor Board approved the arrangement to exchange 0.33
common share of NAP for each issued and outstanding common share of
Cadiscor. This transaction gives Cadiscor shareholders an
attractive 47% premium for their shares, as of the day of the
announcement and significant upside to future increases in the
price of palladium and gold. The Board unanimously recommends that
Cadiscor shareholders approve the arrangement by voting in favour
of the arrangement at the Special Meeting on May 22, 2009.
NAP is a precious metals company that owns one of North
America's largest palladium mines, historically producing
approximately 4% of global palladium supply. The mine located in
Thunder Bay has a large resource of over 3.7 million ounces of
palladium. NAP has mining personnel with significant experience in
developing and operating underground mines, and a highly liquid
stock, all of which would benefit Cadiscor shareholders. NAP also
has a strong balance sheet.
On March 31, 2009, NAP advanced $7.5 million to Cadiscor as part
of the agreement, in the form of two, 18-month Notes. Since
securing this financing, Cadiscor has been hiring personnel at the
Sleeping Giant Mine, and has begun development at the Mine to
restart gold production, planned for the fourth quarter of
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, Ontario and Quebec.
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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