Following yesterday's announcement that UrbanGold Minerals Inc. (UGM:TSX.V) shareholders voted in favor of Troilus Gold acquiring the company as proposed, Troilus completed the acquisition today.
Troilus Gold purchased all of the issued and outstanding common shares of UrbanGold that it does not already own, in a three-cornered amalgamation. For each outstanding UrbanGold share, Troilus Gold issued 0.3004 Troilus Gold share.
UrbanGold shareholders now hold roughly 12.9% of the 151,764,781 Troilus shares issued and outstanding, on an undiluted basis, Troilus Gold reported.
"The acquisition of UrbanGold adds another 35,000 hectares to the Troilus property," Troilus Gold CEO Justin Reid said. "Drill-ready targets throughout the consolidated land package offer further growth potential to the long-term scale and scope of the Troilus asset, and in particular, our exploration team is excited to do further work on UrbanGold's Cressida target directly adjacent to our Beyan Zone, the Freegold/Bullseye target which is adjacent to Testard and the Pallador Regnault target which is in close proximity to the Tortigny deposit and Goldfield Boulders Zone."
Mathieu Stephens, former president and CEO of UrbanGold stated, "The amalgamation of UrbanGold with Troilus will be of significant benefit to shareholders of both companies as it will streamline operations in an emerging gold and copper camp, where Troilus already owns key infrastructure. With this acquisition, the entity combines prospective ground and technical expertise with global capital markets reach and a track record to creating shareholder value, all key elements to continue developing a successful outcome in the region."
"We welcome UrbanGold shareholders to the company and look forward to delivering value to all of our shareholders as we continue to explore and develop the highly prospective Frôtet-Evans Greenstone Belt," Reid concluded.
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