Match Capital Resources Corporation
NEX BOARD : MHC.H

December 01, 2006 11:57 ET

Match Capital Resources Corporation: Press Release

TORONTO, ONTARIO--(CCNMatthews - Dec. 1, 2006) - Match Capital Resources Corporation (NEX:MHC.H) ("Match Capital") announces that Western Troy Resources Inc. ("Western Troy") has acquired Match Capital's 11.61 percent interest in the Eastmain River claims at Western Troy's MacLeod project, subject to regulatory approval. This will bring Western Troy's share of all claims in the area to 100 percent. Western Troy paid $129,600 in common shares of Western Troy (valued at the 11/28/06 closing price of 39 cents per share) or 332,308 shares. The claims were valued based on the total amount of exploration expenditures by both companies on the Eastmain River claims. Two directors and officers of Match Capital, one of whom is also the controlling shareholder of Match Capital, are also directors and officers of Western Troy and a controlling shareholder of Western Troy. Accordingly, this transaction constitutes a related party transaction under applicable securities laws. All of the independent directors of Match Capital, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and, with the value of the transaction being less than 25% of the capitalization of Match Capital's market capitalization, have determined that the transaction is exempt from the formal valuation and minority shareholder approval requirements of Ontario Securities Commission Rule 61-501.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Match Capital Resources Corporation
    Stanley Mourin
    President
    (416) 922-5111
    (416) 922-6290 (FAX)