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EQUINOX RESOURCES LTD. AND EASTMAQUE GOLD MINES LTD. APPROVE BUSINESS COMBINATION

 EQUINOX RESOURCES LTD. AND EASTMAQUE GOLD MINES LTD.
 APPROVE BUSINESS COMBINATION
 VANCOUVER, British Columbia, Dec. 6 /PRNewswire/ -- Ross J. Beaty, president of Equinox Resources Ltd. (Toronto: EQX) ("Equinox") and Lukas H. Lundin, president of Eastmaque Gold Mines Ltd. (Toronto: EMG) ("Eastmaque") are pleased to announce that the boards of both companies have approved in principle a business combination of the two companies. It is expected that the business combination will be by way of an amalgamation. The business combination is subject to shareholder and regulatory approval, to the conclusion of final due diligence of both companies and to the execution of a formal amalgamation agreement. An agreement in principle has been reached between Equinox and Adolf H. Lundin, the largest common shareholder of Eastmaque, and VenturesTrident II, L.P., the largest preferred shareholder of Eastmaque to vote their shares in favor of the proposed combination.
 It is proposed that the Eastmaque common shareholders would receive one Equinox share for every eight common shares of Eastmaque held. The Eastmaque preferred shareholders would receive, for every two Eastmaque preferred shares, the following:
 (a) one Equinox common share;
 (b) one share purchase warrant which would entitle the
 warrantholder to purchase one new Equinox common share at
 $3.40 per share exercisable over a period of four years
 provided that if the Equinox shares trade at the price of
 over $5.00 per share for thirty-calendar days the
 warrantholders must exercise the warrant or lose the right


to exercise;
 (c) one new Equinox Production Participating Preferred Share
 which would have a par value of $1.50 per share, would carry
 no coupon and would be redeemable at any time by Equinox at
 105 percent of par value. A sinking fund would be
 established from 25 percent of net cash flow from Eastmaque
 assets to redeem the preferred shares at par value and if
 unredeemed at the end of five years they would be redeemable
 from proceeds of liquidation of the American Girl Mine
 assets. The total cost to redeem all of the preferred
 shares is $2,075,655.
 There are 10,651,238 Eastmaque common shares issued, 2,767,540 Eastmaque preferred shares issued and 12,731,000 Equinox shares issued. As a result of this transaction, a total of 2,715,175 Equinox common shares, 1,383,770 Equinox warrants and 1,383,770 Equinox Production participating Preferred Shares would be issued.
 Equinox holds interests in two mines which produced in 1991 (the Buckhorn Gold Mine, 24 percent and Van Stone Zinc Mine, 60 percent), a fully-permitted gold project in pre-development (Zenda, 100 percent), two large advanced stage exploration properties, all located in western North America. Equinox's present gold and gold- equivalent reserves and resources total 1,830,000 ounces. The company's 1991 gold and gold-equivalent production was approximately 13,000 ounces and 1992 production is forecast to be 25,000 ounces.
 Eastmaque holds interests in two gold operations which produced in 1991 (the Kirkland Lake Tailings Project, owned 100 percent by Eastmaque and the American Girl heap leach and underground mine, owned 50 percent in joint venture with Morrison Knutson Corp.) and several exploration properties. The Kirkland Lake operation is currently in the process of being closed. Eastmaque's share of gold reserves and resources at the American Girl operations is approximately 260,000 ounces. Eastmaque's share of 1991 gold production from the American Girl operations will be approximately 42,000 ounces and the company's share of 1992 gold production is forecast to be 43,000 ounces.
 The management of Equinox would manage the combined corporate entities.
 -0- 12/6/91
 /CONTACT: Ross J. Beaty, president, Equinox Resources Ltd., 604-684-1175 or Lukas H. Lundin, president, Eastmaque Gold Mines Ltd. 604-689-7842/
 (EQX., EMG.) CO: Equinox Resources Ltd.; Eastmaque Gold Mines Ltd. ST: British Columbia IN: MNG SU:


DM-EH -- LA026 -- 0320 12/06/91 21:18 EST
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Date:Dec 6, 1991
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