St. Eugene Mining Corporation Limited
TSX VENTURE : SEM

St. Eugene Mining Corporation Limited

February 02, 2012 08:01 ET

St. Eugene Announces the Closing of the Arrangement With Claude Resources and Satori Resources

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2012) - St. Eugene Mining Corporation Limited (TSX VENTURE:SEM) ("St. Eugene" or the "Company") announces today that the plan of arrangement (the "Acquisition") involving St. Eugene, Claude Resources Inc. ("Claude") (TSX:CRJ)(NYSE Amex:CGR) and Satori Resources Inc. ("Satori") is complete and accordingly, St. Eugene has received approval for its common shares to be de-listed from the TSX Venture Exchange ("TSXV") effective today.

As previously disclosed, the Acquisition was approved by St. Eugene shareholders, the Supreme Court of British Columbia and the TSXV.

Under the terms of the Acquisition, St. Eugene shareholders received, for each share held: (i) 0.0789 of a common share of Claude; and (ii) 0.25 of a common share of Satori. Claude maintains its pro-rata stake in Satori.

As part of this Acquisition, St. Eugene has spun-out all of its interest in and to the Tartan Lake Mine Project, which is comprised of certain mineral property interests and related assets located in the Flin Flon Greenstone Belt in Manitoba, to Satori.

Satori has received approval for its common shares to commence trading on the TSXV effective today under the trading symbol "BUD" at a deemed price of $0.155 per share.

Further information concerning the Acquisition is available electronically at www.sedar.com.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

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.

Contact Information

  • Claude Resources Inc.
    Neil McMillan
    President and Chief Executive Officer
    (306) 668-7505

    Satori Resources Inc.
    Jennifer Boyle, B.A., LL.B
    President and Chief Executive Officer
    (647) 344.3158 or C: (416) 904.2714