Pilot Gold Inc has concluded its purchase of Cadillac Mining Corp.
Cadillac Mining is the owner of the past-producing, sediment-hosted Goldstrike gold project in Western Utah.
The press release said: Under the Arrangement, shareholders of Cadillac received (i) 0.12195 of a Pilot Gold share, and (ii) 0.12195 of a Pilot Gold share purchase warrant (the Pilot Warrants ) for each common share of Cadillac held. Each whole Pilot Warrant entitles the holder to acquire one Pilot Gold share at an exercise price of C$2.00 with a two-year term. Existing Cadillac warrants and stock options are exercisable for Pilot Gold shares, adjusted in respect of exercise price and number, based on the 0.12195 exchange ratio.
Matt Lennox-King, president and CEO of Pilot Gold stated: The acquisition of Cadillac Mining and its 100%-owned Goldstrike project is an attractive and strategic addition for Pilot Gold. At Goldstrike, the address, large land position, prospective geology, and extensive historic databases represent key building blocks for future growth and value creation. The transaction provides Cadillac shareholders exposure to Pilot Gold s Kinsley, TV Tower and Halila?a projects, as well as our leading exploration and development team.