Cadiscor' Shareholders Vote in Favor of the Business Combination With North American Palladium
May 22 2009 - 11:06AM
Marketwired
Cadiscor Resources Inc. ("Cadiscor") (TSX VENTURE: CAO)(FRANKFURT:
DQN) is pleased to announce that at a special meeting of
shareholders held today, 100% of all represented shares
(31,070,459) voted unanimously in favor of the business combination
with North American Palladium Ltd ("NAP") (TSX: PDL)(NYSE Amex:
PAL).
Pursuant to a plan of arrangement, Cadiscor will become a
wholly-owned subsidiary of NAP and all of the issued and
outstanding common shares of Cadiscor will be transferred to NAP in
consideration for the issuance by NAP of 0.33 common shares of NAP
for each Cadiscor share. All of the outstanding stock options,
warrants and debenture of Cadiscor will become stock options,
warrants and debenture of NAP using the same exchange ratio of
0.33.
Cadiscor will apply to the Quebec Superior Court on Monday May
25, 2009 for a final order approving the plan of arrangement. The
closing of the business combination is scheduled for May 26, 2009.
Upon closing, the trading of Cadiscor on the TSX Venture will be
halted and the shares of Cadiscor will be later delisted from the
TSX Venture.
NAP is a precious metals company that owns one of North
America's largest palladium mines, historically producing
approximately 4% of global palladium supply. The mine located in
Thunder Bay has a large measured and indicated resources of 36
million tonnes grading 3.18 grams of palladium per tonne, for a
total of 3.7 million ounces of palladium in situ. NAP has mining
personnel with significant experience in developing and operating
underground mines, and a highly liquid stock, all of which would
benefit Cadiscor shareholders. NAP also has a strong balance
sheet.
On March 31, 2009, NAP advanced $7.5 million to Cadiscor as part
of the agreement, in the form of two, 18-month Notes. Since
securing this financing, Cadiscor has been hiring personnel at the
Sleeping Giant Mine, and has begun development at the Mine to
restart gold production, planned for the fourth quarter of
2009.
Forward-Looking Statements
This press release contains forward-looking statements subject
to certain risks and uncertainties. There can be no assurance that
these statements will prove to be correct, and actual results and
future events could differ materially from those implied by such
statements. These risks and uncertainties are discussed in the
annual report filed with the securities commissions of Alberta,
British Columbia, Ontario and Quebec.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Cadiscor Resources Inc. Michel Bouchard, President
450-449-0066 mbouchard@cadiscor.com Cadiscor Resources Inc. Linda
Plante, Investor Relations 450-449-0066 lplante@cadiscor.com
www.cadiscor.com
Cadiscor Resources Com Npv (TSXV:CAO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cadiscor Resources Com Npv (TSXV:CAO)
Historical Stock Chart
From Jul 2023 to Jul 2024