ENP Newswire - 02 September 2014
Release date- 29082014 - VANCOUVER, B.C. - Pilot Gold Inc. (PLG - TSX) is pleased to announce the completion of the previously announced acquisition of Cadillac Mining Corporation pursuant to a Court-approved plan of arrangement.
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.
'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,' stated Matt Lennox-King, President & CEO of Pilot Gold. 'The transaction provides Cadillac shareholders exposure to Pilot Gold's Kinsley, TV Tower and Halilaa projects, as well as our leading exploration and development team.'
The Goldstrike project is a past producing sediment-hosted gold project located in Western Utah, and represents part of a growing class of Carlin-type gold targets located off the main Carlin and Cortez Trends.
Pilot Gold has begun the organization and compilation of the extensive database of historic information, and plans to initiate permitting activities on the property later in the year. The Company is focused on project incubation, synthesizing, and interpreting over 50 years of mining and exploration data on Goldstrike, leading into a comprehensive targeting campaign.
Goldstrike complements our existing project portfolio and enhances Pilot Gold's long-term strategy of focusing on high quality projects with high grades in supportive mining jurisdictions.
ABOUT PILOT GOLD
Pilot Gold is a well-funded gold exploration and development company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the Kinsley project in Nevada and the TV Tower and Halilaa projects in Turkey, each of which has the ability to become a foundational asset.
We also have a pipeline of projects, including Goldstrike, that are characterized by large land positions and district-wide potential that can meet our growth needs for years to come.
For more information, visit www.pilotgold.com
Toll Free: 1-877-632-4677