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Falco Resources Completes Acquisition of Golden Queen Mining Consolidated
MONTRÉAL, March 27, 2020 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (TSX-V: FPC) ("Falco") and Golden Queen Mining Consolidated Ltd. (NEX: GQM.H, OTCQB: GQMND) ("
About this update from Falco Resources Ltd.
[{"type":"text","content":" MONTRÉAL, March 27, 2020 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (TSX-V: FPC) (\"Falco\") and Golden Queen Mining Consolidated Ltd. (NEX: GQM.H, OTCQB: GQMND) (\"Golden Queen\") are pleased to announce the successful completion of their previously announced arrangement, pursuant to which Falco has acquired all of the issued and outstanding common shares of Golden Queen, which was completed by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (British Columbia) (the \"Arrangement\"). Under the terms of the Arrangement, each former shareholder of Golden Queen is entitled to receive 1.35 of a common share of Falco (each whole share, a \"Falco Share\") in exchange for each common share of Golden Queen (each whole share, a \"Golden Queen Share\") held immediately prior to the effective time of the Arrangement. Luc Lessard, President and Chief Executive Officer of Falco, stated: “We are very pleased to close this transaction with Golden Queen providing Falco with access to approximately $4.2 million in cash resources.” In order to receive the consideration in exchange for their Golden Queen Shares, registered shareholders of Golden Queen must complete, sign, date and return the Letter of Transmittal that was mailed to each registered shareholder of Golden Queen. The Letter of Transmittal is also available from the depositary, TSX Trust Company, that can be contacted by telephone at: 1 (866) 600-5869 (North American Toll Free) / 1 (416) 342-1091 (Overseas) or by e-mail at: [email protected]. With the Arrangement now complete, Falco intends to cause the Golden Queen Shares to be delisted from the NEX Board (expected on or about March 31, 2020), and Golden Queen intends to submit an application to the applicable securities regulators to cease to be a reporting issuer and to terminate its public reporting obligations. Additional information regarding the terms of the Arrangement are set out in the management information circular of Golden Queen dated February 20, 2020 which is available under Golden Queen’s profile at www.sedar.com. About Falco Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns about approximately 67,000 hectares of land in the Rouyn-Noranda mini...