FALCO COMPLETES ACQUISITION OF GOLDEN QUEEN MINING CONSOLIDATED
28 March 2020 - 4:45AM
Falco Resources Ltd. (TSX-V: FPC) ("
Falco") and
Golden Queen Mining Consolidated Ltd. (NEX: GQM.H, OTCQB: GQMND)
("
Golden Queen") are pleased to announce the
successful completion of their previously announced arrangement,
pursuant to which Falco has acquired all of the issued and
outstanding common shares of Golden Queen, which was completed by
way of a statutory plan of arrangement under the provisions of the
Business Corporations Act (British Columbia) (the
"
Arrangement").
Under the terms of the Arrangement, each former
shareholder of Golden Queen is entitled to receive 1.35 of a common
share of Falco (each whole share, a "Falco Share")
in exchange for each common share of Golden Queen (each whole
share, a "Golden Queen Share") held immediately
prior to the effective time of the Arrangement.
Luc Lessard, President and Chief Executive
Officer of Falco, stated: “We are very pleased to close this
transaction with Golden Queen providing Falco with access to
approximately $4.2 million in cash resources.”
In order to receive the consideration in
exchange for their Golden Queen Shares, registered shareholders of
Golden Queen must complete, sign, date and return the Letter of
Transmittal that was mailed to each registered shareholder of
Golden Queen. The Letter of Transmittal is also available from the
depositary, TSX Trust Company, that can be contacted by telephone
at: 1 (866) 600-5869 (North American Toll Free) /
1 (416) 342-1091 (Overseas) or by e-mail
at: TMXEInvestorServices@tmx.com.
With the Arrangement now complete, Falco intends
to cause the Golden Queen Shares to be delisted from the NEX Board
(expected on or about March 31, 2020), and Golden Queen intends to
submit an application to the applicable securities regulators to
cease to be a reporting issuer and to terminate its public
reporting obligations.
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 18.3% of the issued and outstanding shares of the
Corporation. The Corporation has 226,147,296 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 |
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. 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 disclaims 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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