Takara Resources Inc.

Takara Resources Inc.

March 17, 2010 08:10 ET

Takara Resources Inc. Completes Filing Statement and Shareholder Consents for Acquisition of Gold Assets in Guyana

TORONTO, ONTARIO--(Marketwire - March 17, 2010) - Takara Resources Inc. (TSX VENTURE:TKK) ("Takara") announces that the Filing Statement setting out information relevant to the acquisition (the "Acquisition") from Victoria Gold Corp. ("Victoria Gold") of StrataGold Guyana Inc. has been electronically filed with regulators and is available for viewing on www.sedar.com and on our website at www.takararesources.com. StrataGold Guyana Inc. is a private Guyanese company that holds title to the Guyana Gold Projects, namely: (i) the Tassawini Gold Project; and (ii) the BRL Venture, as summarized in Takara's news release dated March 5, 2010, and all as more particularly described in the Filing Statement.

Pursuant to the approval requirements of the TSX Venture Exchange, Takara is seeking from its shareholders written consent to issue to Victoria Gold 21,810,000 common shares (or 65,110,000 on a pre-consolidated basis) in consideration of the Acquisition. Consents are required from those Takara shareholders - other than Victoria Gold, its insiders, associates and affiliates - holding a simple majority of Takara's outstanding shares. Takara will distribute a form of Consent to all of its registered shareholders and non-objecting beneficial shareholders as at March 18, 2010. Shareholders are asked to return executed consents to us no later than March 26, 2010, to info@takararesources.com or by facsimile to (647) 430-5676 or by post to the addressed noted at the top of this press release.

Contemporaneously with the closing of the Acquisition, Takara shall, in order of sequence: (i) firstly, effect a 3:1 share consolidation (resulting in 17,134,899 shares outstanding); (ii) second, issue 21,810,000 shares to Victoria Gold for the Acquisition; and (iii) third, complete a minimum private placement offering of $1,200,000, the details of which have been previously disclosed by news release.

About Takara

Takara is a gold development company focused on the systematic exploration and development of Tassawini and the BRL Venture with Newmont in Guyana.

Completion of the transaction is subject to a number of conditions, including TSX Venture Exchange acceptance and disinterested shareholder approval. The acquisition cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in a Filing Statement to be prepared in connection with the acquisition, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Takara Resources Inc. should be considered highly speculative.

All of the forward-looking information contained in this press release is qualified by this cautionary statement. There can be no assurance that the actual results or developments anticipated by Takara, as expressed or implied by the forward-looking information, will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Takara or its business operations. Takara disclaims any intention or obligation to update or revise any forward-looking information as a result of new information or future events except as required by applicable law. Readers should not place undue reliance on forward-looking information.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Further, 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 news release.

Contact Information

  • Takara Resources Inc.
    Jennifer L. Boyle, B.A., LL.B.
    Chief Executive Officer and Chairman
    (647) 430-0966 (work) or (416) 904-2714 (cell)
    Takara Resources Inc.
    Pamela Strand, P. Geol.
    (780) 435-0045 (work) or (780) 903-0820 (cell)
    Takara Resources Inc.
    Julie Lassonde
    (647) 430-0966