Welcome To The Cadiscors Resources Inc. HUB On AGORACOM
Exploring for gold and base metal in Quebec
Message: Will not Proceed With the Proposed Business Combination With Tiomin Resources
| February 19, 2009 |
| Cadiscor Resources Will not Proceed With the Proposed Business Combination With Tiomin Resources |
| MONTREAL, QUEBEC--(Marketwire - Feb. 19, 2009) - Cadiscor Resources Inc. (TSX VENTURE:CAO) ("Cadiscor") announced today that they will not proceed with the business combination with Tiomin Resources Inc. ("Tiomin") (TSX:TIO) as announced on February 10, 2009. As a result of the recent announcement by one of Tiomin's significant shareholders, Cadiscor was approached by Tiomin to make material changes to the terms of the transaction as agreed to by both companies on February 09, 2009. The Board of Cadiscor met to consider the proposed changes and determined that the revised terms were no longer beneficial to the shareholders of Cadiscor and as a result have decided to not go forward with the revised proposed transaction. As part of the transaction, Tiomin completed a thorough Due Diligence review on Cadiscor and on its main asset, the Sleeping Giant Mine, including the engagement of Roscoe Postle Associates Inc., an Independent Firm of geological and mining consultants, which reviewed and confirmed the development plan of the Sleeping Giant Mine, as well as the financial soundness of the development and production plan for the continuing company. Michel Bouchard, President and Chief Executive Officer of Cadiscor, said: "We are disappointed that we cannot proceed with the original business combination Agreement. We are looking at other financing alternatives to finance the Sleeping Giant Mine production start-up. With the continued surge in the gold price we are confident to obtain the financing to commence gold production from the Sleeping Giant Mine in 2009." |
Loading...
Loading...
New Message
Please
login
to post a reply