Tigris Uranium and Wolfpack Gold Announce Definitive Agreement, Filing of Technical Reports and Filing Statement
TSX.V: TU
www.tigrisuranium.com
VANCOUVER, April 30, 2013 /CNW/ - Tigris Uranium Corp. (TSX.V: TU)
("Tigris"), and Wolfpack Gold Corp. ("Wolfpack") are pleased to
announce that they have entered into an Amalgamation Agreement (the
"Agreement"), with each other and 0960926 B.C. Ltd., a wholly-owned
subsidiary of Tigris ("Acquisition Corp."), in respect of a proposed
"reverse takeover" that is to be conducted in accordance with the
policies of the TSX Venture Exchange (the "TSXV"). The proposed
transaction (the "Transaction") was first announced by Tigris and
Wolfpack pursuant to a joint news release issued on December 7, 2012.
Tigris has now received TSXV conditional acceptance for the Transaction
and a filing statement (the "Filing Statement") dated April 29, 2013,
regarding the Transaction has been filed under the Tigris profile on
SEDAR at www.sedar.com.
Pursuant to the Transaction, Tigris has also filed on SEDAR the
following two National Instrument 43-101 ("NI 43-101") technical
reports:
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"Technical Report on the Adelaide Property, Humboldt County, Nevada,
USA" written by Nancy J. Wolverson, and dated effective April 8, 2013
(the "Adelaide Report"); and
-
"Castle Black Rock Project Castle Zone Resource Evaluation" written by
David Bikerman, and dated effective April 3, 2013 (the "Castle Black
Report" and together with the Adelaide Report, (the "Technical
Reports").
Nancy J. Wolverson and David Bikerman are "qualified persons" as defined
in NI 43-101 and are independent of Tigris and Wolfpack. Excerpts from
the Technical Reports are included in the Filing Statement.
Terms of the Agreement
Upon the closing of the Transaction (the "Closing"), and at the
effective time of the amalgamation, it is anticipated that Acquisition
Corp. and Wolfpack will amalgamate to form a single subsidiary of
Tigris and Tigris will acquire all of the issued and outstanding
securities of Wolfpack from the shareholders of Wolfpack in exchange
for one Tigris common share (on a post share Consolidation (as defined
below) basis) (the "Consideration Shares") for each one Wolfpack common
share. In connection with the Transaction, Tigris plans to complete a
consolidation of its common shares on a 3:1 basis (the "Consolidation")
and change its name to "Wolfpack Gold Corp.". The Consideration Shares
are anticipated to represent approximately 60% of the total issued and
outstanding Tigris common shares as of the Closing. Upon completion of
the Transaction, it is expected that the combined entity will continue
to be classified as a Tier 1 mining issuer on the TSXV.
Conditions to Closing
Completion of the Transaction will be subject to a number of conditions
including, among other things:
 (a)   the approval of the Transaction by the board of directors of each of Tigris and Wolfpack;
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 (b)   the approval of the Transaction by the shareholders of Wolfpack and Tigris in accordance with the requirements of the TSXV;
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 (a)   TSXV acceptance of the notice for filing of and approval of all transactions of Tigris necessary to complete the Transaction;
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 (b)   re-organization of the Tigris directors and officers to consist of:
      William M. Sheriff    Chairman and Director
      Nathan A. Tewalt    Chief Executive Officer and Director
      John W. Legg    Director
      Rudi Fronk    Director
      William E. Threlkeld    Director
      Dennis Stover    Director
      William B. Harris    Director
      Matthew J. Anderson    Chief Financial Officer
      Mark Abrams     Vice-President, Exploration
      Nancy La Couvée    Corporate Secretary
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For more information on the Transaction, see the Filing Statement dated
April 29, 2013 and initial joint news release issued on December 7,
2012, both available under the Tigris SEDAR profile at www.sedar.com.
About Wolfpack Gold Corp.
Wolfpack's mandate is to advance low cost heap leach and high grade
underground gold projects towards production in the western United
States. Wolfpack owns a significant portfolio of gold properties
located in Nevada and surrounding states and has options to acquire
certain properties, including the Castle Black Rock and Adelaide
Properties located in Nevada. Wolfpack's portfolio has seen little to
no activity since gold prices were below USD$400/oz. Both Adelaide and
Castle Black Rock have previous operating histories as open pit heap
leach operations during the late 1980s, when they were closed due to
low gold prices.
About Tigris Uranium Corp.
Tigris is committed to maximizing shareholder value and is well
positioned with a treasury of approximately $8.6 million and a low
annual expenditure rate. Tigris owns 115,000+ acres (46,400 ha) of
private mineral rights, with an indicated resource of 26.6 MM pounds U3O8 at an average grade of 0.105% e U3O8 and an inferred resource of 6.1 MM pounds U3O8 at an average grand of 0.110 e U3O8 (Beahm, 2012). These private mineral rights associated with mining
properties are located in New Mexico's Crownpoint Uranium District, a
portion of which is under NRC license, in a new progressive New Mexico
regulatory and political environment.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Completion of the Transaction is subject to a number of conditions,
including TSXV acceptance and disinterested shareholder approval. The
transaction cannot close until the required shareholder approval is
obtained. There can be no assurance that the transaction will be
completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management
Information Circular and/or Filing Statement to be prepared in
connection with the transaction, any information released or received
with respect to the RTO may not be accurate or complete and should not
be relied upon. Trading in the securities of Tigris Uranium Corp.
should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved the
contents of this press release.
Technical information in this press release relating to Wolfpack has
been reviewed and approved by Mark J. Abrams, MSc, PG, RG, a Qualified
Person as defined in National Instrument 43-101.
This press release contains projections and forward-looking information
that involve various risks and uncertainties regarding future events.
Such forward-looking information can include without limitation
statements based on current expectations involving a number of risks
and uncertainties and are not guarantees of future performance. There
are numerous risks and uncertainties that could cause actual results
and Tigris's and Wolfpack's plans and objectives to differ materially
from those expressed in the forward-looking information. Actual results
and future events could differ materially from those anticipated in
such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified in
their entirety by this notice. Except as required by law, Tigris
assumes no obligation to update forward-looking information should
circumstances or management's estimates or opinions change.Â
SOURCE: Tigris Uranium Corp.
For further information: Tigris Uranium Corp.
William M. Sheriff, Chairman
Phone: (208) 635â5415
info@tigrisuranium.com
www.tigrisuranium.comÂ
Wolfpack Gold Corp.
Nathan A. Tewalt, Chief Executive Officer
Phone: (775) 284-1271
info@wolfpackgold.com