Normabec Provides Additional Information on the New Normabec Spin-out
16 September 2009 - 11:00PM
Marketwired
Further to the announcement of First Majestic Silver Corp. ("First
Majestic") (TSX: FR)(OTCQX: FRMSF)(FRANKFURT: FMV)(WKN: A0LHKJ) and
Normabec Mining Resources Ltd. ("Normabec") (TSX VENTURE: NMB)
having entered into a definitive agreement whereby First Majestic
will acquire Normabec pursuant to a plan of arrangement (the
"Arrangement"), Normabec would like to clarify the proposed
spin-out of Normabec's Pitt Gold Property (and all other Quebec
mineral interests currently held by Normabec) (the "Spin-Out") into
a newly formed public company ("NEWCO").
Pursuant to the Arrangement, each Normabec shareholder will
receive 0.25 of a NEWCO share for each Normabec share held, for a
total of 18.8 million NEWCO shares (excluding any Normabec shares
which may be issued prior to the Arrangement following the exercise
of outstanding warrants and options). NEWCO will continue to be
managed by the existing Normabec management. Concurrently with the
completion of the Arrangement, First Majestic will purchase, via a
private placement, such number of shares of NEWCO as is equal to
approximately 10% of the issued and outstanding shares of NEWCO for
a purchase price of C$300,000. Based on the number of Normabec
shares currently outstanding, these shares will be issued at a
price of approximately C$0.16 per share (subject to certain
adjustments, including adjustment for any shares of Normabec issued
prior to closing, and subject to the approval of the TSX Venture
Exchange).
The Pitt Gold Property is located approximately 35 km north of
Rouyn-Noranda and more precisely 7 km to the east of the town of
Duparquet, Abitibi. The Property is strategically located between
the Beattie, Donchester and Central Duparquet former producers, to
the west, and the Duquesne and Golconda gold mines, to the east.
They form part of the Duparquet gold camp which historically
produced more than 1 million ounces of gold. Most of these former
producers were located close to the Porcupine-Destor Fault. Since
2005, Normabec completed a total of 28,205 meters of diamond
drilling on the property.
Neither the TSX Venture Exchange (TSX Venture) 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 release.
Contacts: Normabec Mining Resources Ltd. Robert Ayotte,
President & CEO 450-441-9177 info@normabec.com
www.normabec.com
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