CBR Gold Corp.
TSX VENTURE : CBG
FRANKFURT : C3M

CBR Gold Corp.

April 09, 2010 19:32 ET

CBR Gold Corp. Completes Plan of Arrangement

EDMONTON, ALBERTA--(Marketwire - April 9, 2010) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CBR Gold Corp. (TSX VENTURE:CBG)(FRANKFURT:C3M) ("CBG") is pleased to announce that the Plan of Arrangement approved by the Court of Queen's Bench of Alberta on March 25, 2010 and by shareholders of CBG ("Shareholders") at a special meeting on March 24, 2010 has become effective.

Prior to the Arrangement, CBG transferred its Canadian and Australian mineral properties and related assets and approximately $5.3 million in working capital and marketable securities to North Country Gold Corp. ("North Country") in exchange for a right (the "Right") to receive 35,976,521 common shares of North Country ("NCG Shares"). Pursuant to the Arrangement, the aggregate capital of the common shares of CBG ("CBG Shares") was reduced by the sum of $8,994,130.25 ($0.25 per CBG Share), an amount equal to the fair market value of the Right and the Right was distributed to the Shareholders in satisfaction of the reduction and return of capital of the CBG Shares, such that each Shareholder received an undivided interest in the Right in proportion to his or her ownership in CBG. The Right was automatically exchanged by the Shareholders for the NCG Shares and cancelled. Each Shareholder received one NCG Share for each CBG Share owned by such Shareholder.

Pursuant to the Arrangement, CBG also changed its name to "Niblack Mineral Development Inc.". Following completion of the Arrangement, Mr. Craig Bentham and Mr. Charles Chebry resigned from the Board of Directors of CBG and were appointed to the Board of Directors of North Country. Mr. Dean Besserer and Mr. James Paterson were appointed to the Board of CBG to fill the vacancies left by the resignations.

The CBG Shares will continue to trade on the TSX Venture Exchange under the new stock symbol "NIB". The NCG Shares are expected to be listed and posted for trading on the TSX Venture Exchange commencing April 15, 2010 under the stock symbol "NCG".

North Country Gold Corp. is a member of the Discovery Group of Companies.

For further information about Niblack Mineral Development Inc., North Country Gold Corp. or this news release, please contact: John Williamson, Chief Executive Officer at (780) 437-6624.

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.

Contact Information

  • CBR Gold Corp.
    John Williamson
    Chief Executive Officer
    (780) 437-6624