Business
Canoe Mining and Birch Hill Complete Business Combination
OAKVILLE, ON , June 3, 2014 /CNW/ - Canoe Mining Ventures Corp. (TSXV: CLV) (" Canoe...
About this update from Canoe Mining Ventures Corp.
[{"type":"text","content":"\n\nOAKVILLE, ON, June 3, 2014 /CNW/ - Canoe Mining Ventures Corp. (TSXV: CLV) (\"Canoe Mining\") and Birch Hill Gold Corp. (TSXV: BHG) (\"Birch Hill\") (collectively the \"Companies\") are pleased to announce the completion of the previously announced business combination by way of a three cornered amalgamation (the \"Transaction\"), pursuant to which Birch Hill and 0996623 B.C. Ltd., a wholly owned subsidiary of Canoe Mining, amalgamated under the name \"Coldstream Mineral Ventures Corp.\" (\"Coldstream\").\n\nAdditional details on the Transaction can be reviewed in the joint news releases issued by the Companies on March 4, 2014, March 26, 2014, and May 15, 2014.  \n\nDuane Parnham, a Director of Canoe Mining stated: \"We are very pleased to have closed this transaction with Birch Hill. This is the first of many planned acquisitions by Canoe Mining, and with our pending acquisition of the Hamlin deposit we're furthering our strategic objective of consolidating the Shebandowan copper gold belt; an area where we see tremendous potential to build compliant copper gold resources. Canoe Mining's management and technical teams will continue to identify and pursue the quality acquisition targets that current market conditions are presenting.\"\n\nEffective June 3, 2014, Canoe Mining acquired ownership and control of 13,421,385 common shares of Coldstream, representing 100% of the formerly issued and outstanding common shares in the capital of Birch Hill in exchange for common shares in the capital of Canoe Mining (the \"Canoe Mining Shares\") on the basis of 1 Canoe Mining Share in exchange for every 2.5 common shares of Birch Hill. The trading of the former common shares of Birch Hill was halted on May 25, 2014 pending delisting from the TSX Venture Exchange, which is anticipated to occur on June 4, 2014.\n\nFollowing the Transaction, Canoe Mining will have a total of 39,321,262 common shares issued and outstanding, as well as options and warrants entitling holders to purchase approximately 11,741,345 common shares, at exercise prices ranging from $0.20 to $7.50 and expiry dates ranging from October 31, 2014 to February 27, 2019.\n\nNews releases and other corporate documents may be found under the Companies' filings on SEDAR, the Canoe Mining website at www.canoemining.com, and the Birch Hill website at www.birchhillgold...