MONTREAL, QUEBEC--(Marketwired - March 14, 2014) - Creso Exploration Inc. (CSE:CXT) ("Creso" or the "Corporation") announces that the three cornered amalgamation (the "Amalgamation") with Dundee Sustainable Technologies Inc. (formerly Nichromet Extraction Inc., "DSTI") and a wholly-owned subsidiary of DSTI previously approved by the holders ("Shareholders") of its common shares will become effective on April 1, 2014.
Pursuant to the Amalgamation, DSTI will, indirectly, acquire all of the issued and outstanding common shares of Creso which it does not already own and the Shareholders will receive one subordinate voting share of DSTI in exchange for every two common shares of Creso. Holders of options and warrants of Creso will receive, based upon the same exchange ratio, options and warrants, as applicable, of DSTI. Thereafter the common shares of Creso will cease to be listed on the Canadian Securities Exchange ("CSE") and the subordinated voting shares of DSTI will be listed on the CSE.
About Dundee Sustainable (see website at www.dundeetechnologies.com )
Dundee Sustainable is a private Canadian company controlled by Dundee Corporation that has developed patented precious and base metal extraction processes that are environmentally friendly in that the residues of mining operations are totally void of contaminants such as sulfur and arsenic. These new processes are based on chlorination and are particularly efficient for the treatment of polymetallic ores either in the form of sulfides, oxides or arsenides. These chloride based patented processes are a substitute to cyanidation, which is commonly used in the mining industry.
Dundee Sustainable was awarded a $5 million grant by the Government of Canada through Sustainable Development Technology Canada (SDTC) for the development of an innovative patented technology that will increase efficiency in processing gold while reducing the environmental impact and the construction of a demonstration plant of $27 million. The $5 million grant was part of a $61.8 million investment by the Government of Canada to support 23 clean technology projects across Canada.
Dundee Sustainable received a grant of $700,000 from the Québec Ministère du Développement économique, de l'Innovation et de l'Exportation.
This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Amalgamation, the delisting of Creso's comment shares on the CSE and the listing of DSTI's subordinated voting shares on the CSE. Actual results could differ materially from those anticipated in such forward- looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: general market and industry conditions and other risks disclosed in the Corporation's filings with Canadian Securities Regulators, including those that will be contained in the Management Information Circular that has be prepared and filed in connection with the proposed Amalgamation.
Forward-looking statements are based on the expectations and opinions of the Corporation's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
The Canadian Securities Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.