VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2016) - JDL Gold Corp. (formerly Lowell Copper Ltd.) (TSX VENTURE:JDL), Gold Mountain Mining Corporation ("Gold Mountain") (TSX VENTURE:GUM) and Anthem United Inc. ("Anthem") (TSX VENTURE:AFY) (collectively, the "Parties") are pleased to announce that the Parties have completed the previously announced business combination (the "Transaction") to create JDL Gold Corp. ("JDL Gold" or the "Company").
Effective immediately, each Gold Mountain common share has been exchanged for 1.032 pre-consolidated common shares of JDL Gold (the "Gold Mountain Exchange Ratio") and each Anthem share has been exchanged for 0.774 pre-consolidated common shares of JDL Gold (the "Anthem Exchange Ratio"). Holders of each outstanding Gold Mountain convertible security will be entitled to acquire that number of pre-consolidated common shares of JDL Gold based on the Gold Mountain Exchange Ratio and holders of each outstanding Anthem convertible security will be entitled to acquire that number of pre-consolidated common shares of JDL Gold based on the Anthem Exchange Ratio.
In connection with the Transaction, JDL Gold has consolidated its share capital on a 6.45 for 1 basis with corresponding adjustments to its convertible securities. Further, the Company has changed its name from Lowell Copper Ltd. to JDL Gold Corp.
Following completion of the Transaction, JDL Gold has approximately CDN$65 million in cash and a diversified portfolio of gold and copper assets in the Americas. Greg Smith has been appointed Chief Executive Officer and Kylie Dickson has been appointed Chief Financial Officer of the Company. The Board of Directors includes J. David Lowell, Catherine McLeod-Seltzer, Marcel de Groot, James O'Rourke, Matthew Hornor and Greg Smith.
Greg Smith, Chief Executive Officer of JDL Gold, said "I would like to thank the Lowell Copper, Gold Mountain and Anthem teams for their significant efforts in building their respective companies and working to complete this Transaction. We at the new JDL Gold look forward to executing on our long-term strategy to build a significant and profitable producing gold-copper company."
About JDL Gold
JDL Gold is a financially strong, emerging gold-copper production and development company focused on building shareholder value through the acquisition and development of precious metal and copper assets.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.