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Wesdome and Windarra announce letter of intent regarding acquisition of Windarra by Wesdome
TORONTO , July 17, 2013 /CNW/ - Wesdome Gold Mines Ltd. (" Wesdome ") (TSX:WDO) and Wind...
About this update from Wesdome Gold Mines Ltd.
[{"type":"text","content":"\n\n\nTORONTO, July 17, 2013 /CNW/ - Wesdome Gold Mines Ltd. (\"Wesdome\") (TSX:WDO) and Windarra Minerals Ltd. (\"Windarra\") (TSXV:WRA.V) are pleased to announce that they have executed a letter\n of intent (\"LOI\") relating to the proposed acquisition by Wesdome of all of the issued\n and outstanding common shares of Windarra on the basis of one common\n share of Wesdome for each ten Windarra Shares held (the \"Transaction\").  The LOI was negotiated at arm's length and is effective as of July\n 16, 2013.\n\n\nDonovan Pollitt, President of Wesdome, stated \"Clearly, the combined\n assets in the Mishi mining camp offer increased potential for both\n parties.  We see Mishi as an excellent long-term asset and Windarra's\n properties complement ours.  To date we have mined over one million\n ounces from this camp and with the Mishi Mine's early success, we feel\n we are just scratching the surface.\"\n\n\nJohn Pallot, President of Windarra, stated \"We've been considering the\n combination of our assets in this camp for some time.  In our opinion\n this ratio is historically relevant and fair.  The combination of land\n with existing mining infrastructure, reserves and a mining team clearly\n makes a stronger regional asset base which we will all benefit from in\n the future.\"\n\n\nCompletion of the Transaction will be subject to the execution of a\n definitive merger, amalgamation or share exchange agreement (the \"Definitive Agreement\") setting forth the detailed terms of the Transaction, to be signed on\n or before July 29, 2013 (or such other date as may be mutually agreed\n in writing by Windarra and Wesdome).  The legal structure for the\n Transaction will be determined after the parties have considered all\n applicable tax, securities law, and accounting efficiencies.\n\n\nThe Transaction will also be subject to: (i) requisite approval by the\n shareholders of Windarra and the appropriate regulatory bodies; (ii)\n all of the outstanding options and warrants to acquire Windarra Shares\n having been exercised or cancelled; (iii) Wesdome having received\n executed voting support agreements from each of the directors and\n officers of Windarra and such other security holders of Windarra as may\n be agreed to by Windarra and Wesdome; and (iv) other standard closing\n conditions, including the ap...