Terraco Gold and Western Standard Execute Definitive Agreement
07 December 2010 - 11:00PM
Marketwired
Terraco Gold Corp. (TSX VENTURE: TEN) ("Terraco" or the "Company")
and Western Standard Metals Ltd. (TSX VENTURE: WSM) ("Western") are
pleased to announce that the companies have executed a definitive
arrangement agreement (the "Agreement") to complete the previously
announced transaction pursuant to which Terraco will acquire all of
the outstanding securities of Western (the "Arrangement"). For
details of the proposed Arrangement, please see the joint news
release dated November 1, 2010 which is filed on SEDAR at
www.sedar.com.
The execution of the Agreement clears the way for Western
securityholders to vote on and approve the merger at a special
meeting of securityholders to be held in January, 2011, with the
closing of the Arrangement occurring shortly thereafter.
Concurrently with the execution of the Agreement, each of the
directors and officers and certain shareholders of Western, holding
in total approximately 25% of the current issued and outstanding
share capital of Western, executed support agreements pursuant to
which they agreed to vote their Western shares in favour of the
Arrangement. Completion of the Arrangement remains subject to a
number of conditions including, but not limited to, receipt of all
regulatory, court and shareholder approvals.
About Terraco:
Terraco (TSX VENTURE: TEN) is a junior exploration company with
exploration properties in Nevada, USA. Terraco's Moonlight property
adjoins the Barrick Gold Corp. / Midway Gold Corp. Spring Valley
joint venture.
About Western:
Western (TSX VENTURE: WSM) is a Canadian based company with a
focus on acquisition, exploration and development of gold
properties in North America. Western recently acquired a 100%
interest in the Almaden Gold Project in Idaho.
Forward-Looking Statements
This release contains "forward-looking statements" which reflect
the current expectations of the companies. These statements reflect
managements' current beliefs with respect to future events and are
based on information currently available to management.
Forward-looking statements involve significant known and unknown
risks, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements.
Should assumptions underlying the forward-looking statements prove
incorrect, actual results, performance or achievements could vary
materially from those expressed or implied by the forward-looking
statements contained in this release. Although the forward-looking
statements contained in this release are based upon what the
companies believe to be reasonable assumptions, the companies
cannot assure investors that actual results, performance or
achievements will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this release and the companies do not assume any obligation
to update or revise them to reflect new events or
circumstances.
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 release.
Contacts: Terraco Gold Corp. Todd Hilditch CEO 604-443-3831 or
Toll free: 877-792-6688 604-682-3860 (FAX) www.terracogold.com
Western Standard Metals Ltd. Zip Dhanani Chairman 604-568-4653 or
Toll Free: 1-888-500-4587 604-569-2575 (FAX)
www.westernstandardmetals.com
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