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Galane Gold Ltd. Announces Closing of Galaxy Mandatory Offer; Appointment of New CFO
Galane Gold Ltd. Announces Closing of Galaxy Mandatory Offer; Appointment of New CFO ...
About this update from Golconda Gold Ltd
[{"type":"text","content":"\n\n\n\nGalane Gold Ltd. Announces Closing of Galaxy Mandatory Offer; Appointment of New CFO\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGalane Gold Ltd. Announces Closing of Galaxy Mandatory Offer; Appointment of New CFO\nCanada NewsWire\nTORONTO, Sept. 13, 2016\n\n\n\nTORONTO, Sept. 13, 2016 /CNW/ - Galane Gold Ltd. (\"Galane Gold\" or the \"Company\") (TSX-V: GG) is pleased to announce that it has closed its previously announced mandatory offer (the \"Mandatory Offer\") for the acquisition of the outstanding ordinary shares (the \"Galaxy Shares\") of Galaxy Gold Mining Limited (\"Galaxy\") held by its minority shareholders. \n\nAs a result of the completion of the Mandatory Offer, the Company now owns approximately 98.6% of the outstanding Galaxy Shares.  Pursuant to the terms of the Mandatory Offer, Galane Gold has agreed to pay an aggregate purchase price of approximately Cdn$235,000 to holders of Galaxy Shares who elected to receive cash consideration and to issue 2,340,094 common shares and 520,016 common share purchase warrants, with each warrant being exercisable at a price of Cdn$0.175 per common share until September 12, 2018, to those holders of Galaxy Shares that elected to subscribe for securities of Galane Gold in lieu of receiving cash consideration.\n\nAs the Mandatory Offer was accepted by holders of more than 90% of the Galaxy Shares not owned by Galane Gold, Galaxy intends to exercise, to the fullest extent legally possible, its rights under the Companies Act (South Africa) to compulsorily acquire all of the Galaxy Shares that remain outstanding.\n\nGalane Gold CEO, Nick Brodie commented: \"This represents another milestone completed in bringing the Galaxy mine back into full production. The capital project to recommence production commenced in July 2016 and we are on target to start producing gold in the fourth quarter of 2016 as previously advised.\"\n\nAppointment of Chief Financial Officer\n\nThe Company is also pleased to announce that it has appointed Mr. Gavin Vandervegt as Chief Financial Officer, effective October 16, ...