SolidusGold Inc.
TSX VENTURE : SDC

December 15, 2014 09:30 ET

SolidusGold Receives Shareholder and Court Approval for Spin-Out of Mantra Mining Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 15, 2014) - SolidusGold Inc. ("SolidusGold" or the "Company") (TSX VENTURE:SDC) announces that SolidusGold shareholders approved the plan of arrangement involving Mantra Mining Inc. ("Mantra") at the Annual General and Special Meeting held on December 10, 2014 and the British Columbia Supreme Court granted final approval of the transaction at a hearing held on December 12.

Upon completion the spinout transaction will result in:

  • Mantra holding the Company's interest in the Honeymoon Property, an early stage gold-silver-copper exploration property optioned by the Company in August 2013 and located on the west side of Adams Lake, British Columbia, approximately 85 km northeast of Kamloops, British Columbia; and
  • shareholders of SolidusGold as at the effective date of the Arrangement receiving one (1) Mantra common share for every one (1) SolidusGold common share held.

Subject to receipt of TSX Venture Exchange final approval, the effective date and closing of the Arrangement is expected to occur following completion of an updated technical report for the Honeymoon Property, which will be filed on SEDAR at closing. The Company will announce the closing schedule, including the last day to trade to acquire shares of the Company entitled to receive Mantra shares in the Arrangement, in due course. After the completion of the Arrangement, Mantra intends to seek a listing of Mantra shares on the TSX Venture Exchange.

All other matters proposed by management for approval at the Annual General and Special Meeting were also approved by the shareholders.

For more information, see the Company's Information Circular dated November 10, 2014 and filed under the Company's profile on SEDAR at www.sedar.com.

For more information please contact info@solidusau.com.

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.

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including statements regarding plans for the completion of the proposed Arrangement, the structure of such Arrangement and a listing of Mantra shares on the TSX Venture Exchange are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from SolidusGold's plans or expectations include SolidusGold's being unable to obtain approval of the TSX Venture Exchange to the proposed Arrangement, financing required to support the listing of the Mantra shares being obtained and general economic, market or business conditions, regulatory changes and other risks set forth in the filings made by SolidusGold from time to time with securities regulators including the notice of meeting, information circular and supporting documents describing the Arrangement. SolidusGold 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 otherwise required by applicable securities legislation.

Contact Information

  • SolidusGold Inc.
    Steven N. Khan
    Interim Chief Executive Officer
    (604) 628-1162
    info@solidusau.com