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News Releases
| | April 29, 2010
Alexis Minerals Announces Closing Of Acquisition Of Garson Gold
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April 29, 2010, Toronto, Ontario and Vancouver, British Columbia - Alexis Minerals Corporation (AMC: TSX) ("Alexis") is pleased to announce that the arrangement between Alexis and Garson Gold Corp. (GG: TSXV) ("Garson Gold") has now been completed, and Garson Gold is now a wholly-owned subsidiary of Alexis Minerals. The transaction is a significant step in Alexis' objective of becoming a mid-tier mining company. As a result of this arrangement, the resources of Alexis have more than doubled and Alexis now has the added potential to re-establish mining operations in Snow Lake. The potential of Snow Lake Mine was recently evaluated through an independent Preliminary Assessment of the deposit (see News Release: March 8, 2010). A feasibility study is ongoing.
Pursuant to a plan of arrangement completed under the Business Corporations Act (British Columbia), the former shareholders of Garson Gold received 0.29 of a common share of Alexis for every one common share of Garson Gold. Garson Gold's common shares will cease to be listed for trading on the TSX Venture Exchange after the close of trading on or about May 4, 2010.
Alexis has issued options to holders of all of Garson Gold's outstanding options to acquire shares of Alexis comparable to those previously held to acquire shares of Garson Gold. The number of shares received upon exercise, and the exercise price of such Garson Gold securities has been adjusted proportionately to reflect the exchange ratio described above. Garson Gold warrant and debenture holders are entitled to acquire a number of Alexis Shares (based on the exchange ratio or 0.29 of an Alexis Shares for each Garson Gold Share), with the number of shares and exercise price adjusted in accordance with the terms of each warrant or debenture, as the case may be.
In order to receive share certificates representing their Alexis common shares, former Garson Gold shareholders that held their Garson Gold shares registered in their name must complete the letter of transmittal which accompanied the Garson Gold information circular dated March 26, 2010 and deposit it, together with their Garson Gold share certificates, with Equity Transfer and Trust Company. Complete instructions are set out in the information circular and the letter of transmittal. The information circular and a copy of the letter of transmittal are available on Garson Gold's SEDAR profile at www.sedar.com. Former Garson Gold shareholders who held their Garson Gold shares through intermediary banks or brokerage houses should contact their bank or broker to determine what action, if any, they need to take to receive their Alexis share certificates.
About Alexis Minerals
Alexis Minerals Corporation is a Canadian mining company listed on the Toronto Stock Exchange (symbol "AMC") and trades in the US on the Over the Counter QX International platform ("OTCQX: AXSMF") The Company owns one producing gold mine in Val-d'Or and the right to earn a 100% interest in the Lac Pelletier gold property in Rouyn-Noranda, both in Quebec. Alexis also owns the Snow Lake Mine in Manitoba. With these assets Alexis has the potential to develop gold production forwards. Alexis is targeting mid-tier gold production levels in 2011. Alexis undertakes exploration in the mineral rich Val-d'Or (100% ownership of 212 sq. km.) and Rouyn-Noranda Mining Camps (50% ownership of 785 sq.km and in joint venture with Xstrata Copper) as well as in the Snow Lake Mining Camp (100% ownership of 50 sq. km). For more information about Alexis Minerals visit alexisminerals.com.
About Garson Gold Corp.
Garson Gold holds the Snow Lake Mine (formerly New Britannia Mine) Project in Snow Lake Manitoba. The Snow Lake Mine covers approximately 4,840 hectares and hosts the historic Snow Lake Gold Mine which operated from 1949 to 1958 and again from 1995 to 2005 and produced approximately 1.44 million ounces of gold. Infrastructure at the Snow Lake Gold Mine includes a fully-permitted 2,150 tonne per day modern mill and tailings facility, and associated plant, and equipment.
Contact Information:
David Rigg, President and CEO
Tel: (416) 861-5889
Fax: (416) 861-8165
Louis Baribeau,
Relationniste
Tel: (514) 667-2304
lb@decorporateconsultants.ca
Bruce Barch,
VP Investor & Corporate Affairs
Tel: (416) 861-5905
bruce.barch@alexisminerals.ca
Website: www.alexisminerals.com
Email: info@alexisminerals.com
Forward-looking information
This document may contain or refer to forward-looking information within the meaning of applicable securities laws, based on current expectations, including, but not limited to, future exploration expenses and plans. Forward-looking statements are subject to significant risks and uncertainties, including those risks identified in the annual information forms of Alexis and Garson Gold, which are available under the profile of each company on SEDAR, and other factors that could cause actual results to differ materially from expected results. Estimates and assumptions underlying the future-looking information are based upon negotiations between the Alexis and prospective investors, extensive technical and scientific analysis conducted by the management of Alexis, and information obtained by the Alexis from third parties. Readers should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances.
Important Notice
This document does not constitute an offer to buy or an invitation to sell, any of the securities of Alexis or Garson Gold. Such an offer may only be made pursuant to a registration statement and prospectus filed with the U.S. Securities and Exchange Commission and an offer to purchase and circular filed with Canadian securities regulatory authorities. Investors and security holders are urged to read the information circular, and any other relevant documents filed with the SEC and Canadian securities regulators, regarding the proposed business combination transaction because they contain important information. Investors may obtain a free copy of the information circular and other documents filed by Alexis or Garson Gold on SEDAR or on Alexis' website at www.alexisminerals.com or by directing a request to Alexis' investor relations department. The securities described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. |
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| | You can view the Previous News Releases item: Mon Apr 26, 2010, Alexis Minerals Announces Approval For Acquisition Of Remaining Shares Of Garson Gold
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