Ms. Daniele Spethmann reports
WAR EAGLE MINING COMPLETES MERGER WITH CHAMPAGNE RESOURCES LIMITED
War Eagle Mining Company Inc. has completed the previously announced amalgamation with Champagne Resources Ltd., a private Ontario company, pursuant to which War Eagle has acquired all of the issued and outstanding common shares of Champagne. The amalgamated company, which will be called Champagne Resources Ltd., will continue as a wholly owned subsidiary of War Eagle. The amalgamation was overwhelmingly approved by Champagne shareholders at a special meeting held on Feb. 8, 2018, by a vote of approximately 72 per cent of the shares outstanding, 100 per cent in favour. There were no dissenting shareholders.
On closing of the amalgamation, 21,990,276 common shares of War Eagle were issued to shareholders of Champagne such that the existing shareholders of War Eagle on the completion of the amalgamation own 50 per cent of the outstanding shares of War Eagle and the former shareholders of Champagne own the remaining 50 per cent. The outstanding share capital of War Eagle post the amalgamation is 43,980,552 common shares on a non-diluted basis. Outstanding Champagne share purchase warrants and options were converted into War Eagle securities such that 6,086,045 share purchase warrants and options to purchase 1,215,659 common shares were issued at exercise prices ranging from 13 cents to 86 cents with expiry dates of Aug. 9, 2019, for the share purchase warrants and May 5, 2021, in respect of the options.
Daniele Spethmann has been appointed as president and chief executive officer of War Eagle. The board of directors of War Eagle now comprises Paul Carroll, executive chairman, Malcolm Burke, William Hamilton, Ms. Spethmann and Peter Winnell. On completion of the amalgamation, Donald Padgett resigned from the War Eagle board of directors to accommodate incoming Champagne representatives.
The TSX Venture Exchange has granted final approval for War Eagle's transaction with Champagne. As a condition to final TSX-V approval, War Eagle filed an updated National Instrument 43-101 technical report on Champagne's 100-per-cent-owned Goodfish Kirana project at Kirkland Lake, which report has been filed on War Eagle's SEDAR profile.
Ms. Spethmann, newly appointed president and chief executive officer of War Eagle, commented: "We are very pleased to have completed this amalgamation which facilitates the advancement of exploration activities on the company's Goodfish Kirana property. With the amalgamation completed, we will now focus on exploration work, including assaying existing drill cores and undertaking airborne and ground geophysics programs supported by the Ministry of Northern Development and Mines' junior exploration assistance program (JEAP) initiative."
About War Eagle Mining Company Inc.
War Eagle is a TSX-V listed company focused on the exploration of mineral resource properties in Northern Ontario with a focus on gold deposits. The company has a significant land position in the Kirkland Lake gold camp five kilometres from the centre of the town of Kirkland Lake. The company's Goodfish Kirana project is a 10 km long by three km wide land package with numerous historical gold showings and significant structural breaks that has been under-explored with modern technology, providing for an exciting and unique discovery opportunity.
Ms. Spethmann, PGeo, president and chief executive officer of War Eagle, is a qualified person within the meaning of National Instrument 43-101 and has reviewed and approved the technical information in this news release.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.