Quebec Superior Court Approves Cadiscor's Business Combination With North American Palladium
26 May 2009 - 5:06AM
Marketwired
Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE: CAO)(FRANKFURT:
DQN) is pleased to announce that the Quebec Superior Court has
approved the business combination (the "Transaction") between
Cadiscor and North American Palladium Ltd ("NAP") (TSX: PDL)(NYSE
Amex: PAL).
The Transaction is structured as a plan of arrangement, which
was unanimously approved at special meeting of Cadiscor
shareholders on May 22, 2009.
Pursuant to the plan of arrangement, Cadiscor will become a
wholly-owned subsidiary of NAP and all of the issued and
outstanding common shares of Cadiscor will be transferred to NAP in
consideration for the issuance by NAP of 0.33 common shares of NAP
for each Cadiscor share. All of the outstanding stock options,
warrants and debenture of Cadiscor will become stock options,
warrants and debenture of NAP using the same exchange ratio of
0.33.
The closing of the transaction is scheduled for May 26, 2009.
Pursuant to the plan of arrangement, NAP will issue an aggregate of
14,457,715 common shares of NAP to the former shareholders of
Cadiscor and will authorize the issuance of an additional 4,676,846
common shares upon the exercise of the stock options, warrants and
debenture held by the former security holders of Cadiscor.
Upon closing, the trading of Cadiscor on the TSX Venture will be
halted and the shares of Cadiscor will then be delisted from the
TSX Venture.
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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