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CARLAW CAPITAL III CORP. ANNOUNCES CLOSING OF QUALIFYING TRANSACTION WITH GALANE GOLD MINES LTD.
TSX Venture Exchange Symbol: CW.H TORONTO, Aug. 30, 2011 /CNW/ - Carlaw Capital III Corp....
About this update from Golconda Gold Ltd
[{"type":"text","content":"\n\n\n\n\n\nTSX Venture Exchange Symbol: CW.H\n\n\nTORONTO, Aug. 30, 2011 /CNW/ - Carlaw Capital III Corp. (\"Carlaw\" or the \"Corporation\") is pleased to announce today that, subject to final approval of the\n TSX Venture Exchange (the \"Exchange\"), it has completed its previously announced acquisition of all of the\n issued securities of Galane Gold Mines Ltd. (\"Galane\") by way of an amalgamation (the \"Amalgamation\") of Galane with 2293748 Ontario Limited., a wholly-owned subsidiary of\n Carlaw. The Amalgamation constitutes Carlaw's qualifying transaction\n (the \"Qualifying Transaction\") pursuant to the policies of the Exchange. Further to the news release\n of the Corporation yesterday, all conditions of escrow in respect of\n the Galane private placement have now been met.\n\n\nCarlaw anticipates that trading of the common shares and warrants will\n commence on the Exchange at the opening of markets on Tuesday,\n September 6, 2011 under the name \"Galane Gold Ltd.\" and trading symbols\n \"GG\" and \"GG.W\", respectively.\n\n\nPrior to closing of the Qualifying Transaction, Galane completed the\n previously announced acquisition of all of the issued and outstanding\n shares of Gallery Gold Pty Ltd. (\"Gallery Gold\") from IAMGOLD Corporation (\"IAMGOLD\"). Gallery Gold, through its subsidiaries, owns the rights to conduct\n activities prescribed under mining and prospecting licenses relating to\n the Mupane mining property which is located near the town of\n Francistown in the Republic of Botswana. IAMGOLD received total\n consideration of US$34.2 million, after adjustments to reflect\n additional cash left in the company for working capital purposes,\n consisting of US$12.5 million in cash, US$17.9 million in common shares\n of Galane Gold and a us$3.8 million promissory note, payable over 3\n years at an annual interest rate of 6%. For the equity portion of the\n consideration, IAMGOLD received an aggregate of 21,875,000 common\n shares in the capital of Galane (the \"Galane Common Shares\"). In addition, IAMGOLD received 1,265,253 warrants to purchase Galane\n Common Shares (subject to adjustment).\n\n\nImmediately prior to the Amalgamation, Carlaw filed articles of\n amendment to consolidate its outstanding share capital at a ratio of\n 4:1, subject to the receipt of all necessary regulatory approvals,\n includi...