Business
Tagish Lake announces receipt of proposal from YS Mining Company Inc.
Tagish Lake announces receipt of proposal from YS Mining Company Inc.
About this update from Troilus Mining Corp
[{"type":"text","content":"\n\n\n\n Aug. 23, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nVANCOUVER, Aug. 23 /CNW/ - Tagish Lake Gold Corp. (TSX-V: TLG) (the "Company" or "Tagish") announces that on August 20, 2010 the Company received a proposal (the "YSM Proposal") from YS Mining Company Inc. ("YS Mining") and its two shareholders, Yukon-Nevada Gold Corp. ("YNG") and Northwest Nonferrous International Investment Company Limited ("NWM"), to enter into a legally binding and enforceable memorandum of understanding ("MOU") which would provide for the formation of a new company ("Newco") that would own the Company's Mt. Skukum property and YNG's Ketza River gold property located in the Yukon.\nThe principal terms of the YSM Proposal are as follows:\n\n\n >\n\n\nYS Mining has advised the Company that although the MOU has yet to receive final approval from the full Board of YNG, the MOU is to be regarded as an offer by YS Mining, YNG and NWM to enter into a transaction with the Company on substantially the terms set out therein.\nThe Special Committee of the Board of Directors of the Company (the "Special Committee") has met, together with the Company's legal counsel, to review and consider the YSM Proposal, and has had several discussions with representatives of YS Mining relating thereto.\nAlthough considerable work remains to be done and a number of issues need to be resolved before the Special Committee will be able to determine whether or not the YSM Proposal is in the best interests of the Company and its stakeholders, the Special Committee believes that the YSM Proposal potentially provides Tagish shareholders and creditors with a very attractive alternative to the offer made by New Pacific Metals Corp. on July 21, 2010 (the "New Pacific Offer").\nThe Special Committee will, together with the Company's financial and legal advisors, continue to investigate an...