GOLDEN QUEEN OBTAINS FINAL COURT ORDER FOR THE ARRANGEMENT WITH FALCO
27 March 2020 - 11:50AM
Falco Resources Ltd. (TSX-V: FPC) ("
Falco") and
Golden Queen Mining Consolidated Ltd. (NEX: GQM.H, OTCQB: GQMND)
("
Golden Queen") are pleased to announce that the
Supreme Court of British Columbia has granted the final order, thus
approving the arrangement between Falco and Golden Queen announced
on February 11, 2020 pursuant to which Falco is to acquire all of
the issued and outstanding common shares of Golden Queen
(the “
Arrangement”).
Assuming that the remaining closing conditions
are satisfied or waived, it is anticipated that closing of the
Arrangement will occur on March 27, 2020.
On closing of the Arrangement, Golden Queen
shareholders will receive 1.35 Falco shares for each Golden Queen
share held.
Additional information regarding the terms of
the Arrangement are set out in the management information circular
of Golden Queen dated February 20, 2020 which is available under
Golden Queen’s profile at www.sedar.com.
About Falco
Falco Resources Ltd. is one of the largest
mineral claim holders in the Province of Québec, with extensive
land holdings in the Abitibi Greenstone Belt. Falco owns about
approximately 67,000 hectares of land in the Rouyn-Noranda mining
camp, which represents 70% of the entire camp and includes 13
former gold and base metal mine sites. Falco’s principal asset is
the Horne 5 Project located in the former Horne mine that was
operated by Noranda from 1927 to 1976 and produced 11.6 million
ounces of gold and 2.5 billion pounds of copper. Osisko Gold
Royalties Ltd is the largest shareholder of the Corporation and
currently owns 19.9% of the issued and outstanding shares of the
Corporation. The Corporation has 207,878,736 shares issued and
outstanding.
For further information, please contact:
Luc Lessard President and Chief Executive Officer 514-261-3336
info@falcores.com |
Amélie Laliberté Coordinator, Investor Relations
418-455-4775info@falcores.com |
About Golden Queen Mining Consolidated Ltd.
Golden Queen is a company existing under the
laws of the Province of British Columbia and is a “reporting
issuer” in British Columbia, Alberta, Ontario and Québec. The
Golden Queen Shares are currently listed for trading on the NEX
under the symbol “GQM.H” and are quoted on the OTCQB under the
symbol “GQMND”.
For further information, please contact:
Brenda Dayton Senior Vice President, Corporate Affairs
Telephone: (604) 417-7952bdayton@goldenqueen.com
Neither the 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 news release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved of the information contained herein.
Cautionary Note Regarding Forward-Looking
Information
This news release contains forward-looking
statements and forward-looking information (together,
“forward-looking statements”) within the meaning of applicable
securities laws. All statements, other than statements of
historical facts, are forward-looking statements, and subject to
risks and uncertainties. Generally, forward-looking statements can
be identified by the use of terminology such as “plans”, “seeks”,
“expects”, “estimates”, “intends”, “anticipates”, “believes”,
“could”, “might”, “likely” or variations of such words, or
statements that certain actions, events or results “may”, “will”,
“could”, “would”, “might”, “will be taken”, “occur”, “be achieved”
or other similar expressions. Forward-looking statements are
subject to business and economic factors and uncertainties, and
other factors that could cause actual results to differ materially
from these forward-looking statements, including those risks and
uncertainties set out in Falco’s public documents, including in its
most recent management discussion and analysis and annual
information form filed on SEDAR at www.sedar.com, and set out
in Golden Queen’s public documents, including its most recent
management discussion and analysis and annual report filed on SEDAR
at www.sedar.com. Furthermore, should one or more of the
risks, uncertainties or other factors materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements or
information. These risks, uncertainties and other factors include,
among others, political, economic, environmental and permitting
risks, regulatory restrictions, mining operational and development
risks, litigation risks, regulatory restrictions, environmental and
permitting restrictions and liabilities, and internal and external
approval risks, the anticipated benefits of the Arrangement to
Falco, Golden Queen and their respective shareholders, the value of
the Falco Shares being delivered as arrangement consideration, the
timing and ability (if at all) of Falco and Golden Queen to satisfy
the conditions precedent to completing the Arrangement, the closing
of the Arrangement (if at all) and fluctuations in currency markets
(such as the Canadian dollar to the United States dollar exchange
rate). Although Falco and Golden Queen believe that the assumptions
and factors used in preparing the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, Falco and Golden Queen disclaim any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
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