Business
War Eagle Mining Completes Merger with Champagne Resources Limited
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2018) - War Eagle Mining Company I...
About this update from Kirkland Lake Discoveries Corp.
[{"type":"text","content":"War Eagle Mining Completes Merger with Champagne Resources LimitedVancouver, British Columbia--(Newsfile Corp. - February 13, 2018) - War Eagle Mining Company Inc. (TSXV: WAR) (\"War Eagle\" or the \"Company\") is pleased to announce the completion of the previously announced amalgamation with Champagne Resources Limited (\"Champagne\"), a private Ontario company, pursuant to which War Eagle has acquired all of the issued and outstanding common shares of Champagne. The amalgamated company, which will be called \"Champagne Resources Limited\", will continue as a wholly-owned subsidiary of War Eagle. The amalgamation was overwhelmingly approved by Champagne Shareholders at a special meeting held on February 8, 2018 by a vote of approximately 72% of the shares outstanding, 100% in favour. There were no dissenting shareholders. On closing of the amalgamation, 21,990,276 common shares of War Eagle were issued to shareholders of Champagne such that the existing shareholders of War Eagle on the completion of the amalgamation own 50% of the outstanding shares of War Eagle and the former shareholders of Champagne own the remaining 50%. The outstanding share capital of War Eagle post the amalgamation is 43,980,552 common shares on a non-diluted basis. Outstanding Champagne share purchase warrants and options were converted into War Eagle securities such that 6,086,045 share purchase warrants and stock options to purchase 1,215,659 common shares were issued at exercise prices ranging from $0.13 to $0.86 with expiry dates of August 9, 2019 for the share purchase warrants and May 5, 2021 in respect of the stock options. Danièle Spethmann has been appointed as President and CEO of War Eagle. The board of directors of War Eagle now comprises Paul Carroll, Executive Chairman, Malcolm Burke, William Hamilton, Danièle Spethmann and Peter Winnell. On completion of the amalgamation, Donald Padgett resigned from the War Eagle board of directors to accommodate incoming Champagne representatives.The TSX Venture Exchange (\"TSXV\") has granted final approval for War Eagle's transaction with Champagne. As a condition to final TSXV approval, War Eagle filed an updated National Instrument 43-101 technical report on Champagne's 100% owned Goodfish Kirana Project at Kirkland Lake which report has been filed on War Eagle's SEDAR profile. Daniè...