Business
Update on THEMAC Resources Group
Update on THEMAC Resources Group.
About this update from Ecr Minerals Plc
[{"type":"text","content":"\n\n \n \n \n Update on THEMAC Resources Group\n \n \n\n \n Mercator Gold Plc\n \n \n\n \n \n \n MERCATOR GOLD plc\n \n \n (“Mercator Gold”, “Mercator” or “the Company”)\n \n \n AIM: MCR\n \n \n US OTC: MTGDY\n \n \n Update on THEMAC Resources Group\n \n \n London 8 July 2010\n \n \n Mercator Gold plc is pleased to announce an update on the Sale (“the \n Sale”) of its exclusive option to acquire a 100% interest in the Copper \n Flat copper-molybdenum-gold-silver project (“Copper Flat”) to THEMAC \n Resources Group Limited (“THEMAC”).\n \n \n Highlights\n \n \n - THEMAC shares are to recommence trading on the TSX Venture Exchange \n (ticker MAC.H) today\n \n \n - THEMAC requested the suspension of its shares on 15 March 2010 in \n connection with the announcement of the heads of agreement with Mercator \n regarding the Sale\n \n \n - Closing of the Sale is conditional, inter alia, on the completion by \n THEMAC of a minimum C$5 million equity financing (“the Financing”); \n regulatory and shareholder approval (Marley Holdings Pty Limited, holder \n of approximately 70% of THEMAC’s outstanding shares, has approved the \n Sale); and completion of a preliminary economic assessment (“PEA”) \n compliant with Canadian National Instrument 43-101\n \n \n - THEMAC will seek to raise up to a maximum of C$20 million in the \n Financing, and will place securities at no less than C$0.50 per security \n in accordance with the terms of the definitive agreement for the Sale\n \n \n - The Financing is intended to provide funds for the exercise of \n THEMAC’s option over Copper Flat following the closing of the Sale, \n along with advancement of the project through pre-feasibility and \n working capital\n \n \n - After closing of the Sale, Mercator expects to hold the equivalent of \n approximately a 50% interest in the THEMAC’s issued shares before taking \n account of the Financing\n \n \n - Results of the PEA being completed by SRK Consulting (US), Inc. are \n expected to be released shortly\n \n \n - A comprehensive announcement made by THEMAC on 6 July 2010 may be \n viewed on SEDAR (www.sedar.com)\n \n \n About the Sale\n \n \n Copper Flat is a former producing mine with substantial infrastructure \n still in place. Following the closing of the Sale it is the intention of \n THEMAC to exercise its option over Copper Flat and to return the pr...