Kerr Mines completes acquisition of Bear Lake Gold
2014-05-23 09:25 ET - News Release
See News Release (C-KER) Kerr Mines Inc
Mr. Greg Gibson of Kerr reports
KERR MINES COMPLETES ACQUISITION OF BEAR LAKE
Kerr Mines Inc. has acquired all of the issued and outstanding common shares of Bear Lake by way of plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). The Arrangement was approved by Kerr Mines shareholders by written consent, by Bear Lake shareholders at their shareholder meeting held on May 6, 2014, and approved by the Ontario Superior Court of Justice on May 14, 2014.
Pursuant to the terms of the Arrangement, former holders of Bear Lake shares are now entitled to receive 1.4 Kerr Mines units in exchange for each Bear Lake share held. Each unit is comprised of one Kerr Mines share and one-half of one Kerr Mines warrant, each whole warrant exercisable at a price of $0.16 per share until May 22, 2016. The outstanding options of Bear Lake are deemed to be exchanged for Kerr Mines options, adjusted on the basis of the aforementioned exchange ratio, on the same terms and conditions as the original Bear Lake options. Also, by the terms of the Arrangement, Bear Lake and 2402196 Ontario Inc., a wholly-owned subsidiary of Kerr Mines, have been amalgamated under the name "Bear Lake Gold Ltd." and the amalgamated company is a wholly-owned subsidiary of Kerr Mines. Additional information on the business combination is available in the information circular of Bear Lake on SEDAR.
Bear Lake's shares will be delisted from the TSX Venture Exchange. To receive their Kerr Mines shares and warrants pursuant to the Arrangement, Bear Lake shareholders are required to surrender their Bear Lake share certificates to the depositary, together with a properly completed letter of transmittal. A copy of the letter of transmittal was sent to Bear Lake registered shareholders with the materials for the May 6, 2014 shareholder meeting, and is also available at www.sedar.com.
Board and Management of Kerr
As a result of the closing of the Arrangement, Kerr now owns 100% of Bear Lake's shares and assets. The board of directors of Kerr now consists of seven directors, including Stephen McIntyre (Chairman), Greg Gibson (President and CEO), Christopher Irwin, George Cole, Gregory Smith, Claudio Ciavarella, and David Fennell (former Executive Chairman, President, and CEO of Bear Lake).
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