0373849 B.C. LTD.

May 25, 2011 17:49 ET

Procon Acquisitionco Ltd. Acquires Shares of 0373849 B.C. Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 25, 2011) - Procon Acquisitionco Ltd. ("Acquireco"), a wholly-owned subsidiary of Procon Mining and Tunnelling Ltd. ("Procon") of Suite 108 – 4664 Lougheed Highway, Burnaby, British Columbia, V5C 5T5, reports its recent acquisition of securities in 0373849 B.C. Ltd. ("0373849").

Pursuant to a share purchase agreement made as of May 24, 2011 between Acquireco and Procon, Acquireco acquired (the "Acquisition") from Procon ownership of 656,885,026 common shares and 25,974,841,034,959 non-voting shares of 0373849 (the "Acquired Shares"), representing approximately 91.06% of the issued and outstanding common shares and 100% of the issued and outstanding non-voting shares of 0373849.

As a result of the Acquisition, Acquireco now owns 656,885,026 common shares and 25,974,841,034,959 non-voting shares of 0373849, representing approximately 91.06% of the issued and outstanding common shares and 100% of the issued and outstanding non-voting shares of the 0373849, providing Acquireco with the ownership of approximately 99.99% of the total equity of 0373849. Acquireco acquired the Acquired Shares for investment purposes.

The aggregate consideration paid by Acquireco for its acquisition of the 656,885,026 common shares and 25,974,841,034,959 non-voting shares of 0373849 consisted of 25,975,497 common shares in the capital of Acquireco.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

Contact Information

  • 0373849 B.C. Ltd.
    Jimmy Mah
    Chief Financial Officer
    (604) 291-8292
    (604) 291-8082 (FAX)