Lake Shore Gold Completes Sale of Mexican Portfolio to Revolution Resources Corp. for Significant Equity Interest
09 Maggio 2013 - 7:41PM
Marketwired
Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company")
(TSX:LSG)(NYSE Amex:LSG)(NYSE MKT:LSG) has closed its previously
announced transaction (see press release of January 30, 2013) with
Revolution Resources Corp. ("Revolution"), pursuant to which the
Company transferred to Revolution control of a subsidiary holding
the Company's Mexican property portfolio, which includes the
Universo property and the Montana de Oro, La Bufa and Lluvia de Oro
properties totalling over 400,000 hectares in two historic mining
regions of Mexico, and valued on the Company's financial statements
at approximately $2.2 million. In return, the Company has acquired
direct ownership of a total of 20,000,000 common shares of
Revolution, representing 16.8% of the outstanding shares. Together
with shares already held, the Company now owns directly 26,713,740
common shares of Revolution, representing 22.4% of the outstanding
shares of Revolution.
In connection with the transaction, the Company and Revolution
have entered into an agreement which, among other things, places
certain restrictions on the transfer of shares issued to the
Company for a period of 18 months and prohibits the Company from
acquiring additional shares and taking certain other actions
without Revolution's consent for 18 months. In addition, on closing
and through 2014, the Company will have the right to at least two
nominees to the board of directors of Revolution and the Company
will continue to have rights to appoint one or more nominees
depending on its level of ownership for so long as the Company
holds at least 5% of the outstanding Revolution shares.
Lake Shore Gold acquired the shares for investment purposes and
has no present intention to acquire any additional shares.
Contacts: Lake Shore Gold Corp. 2000 - 181 University Ave
Toronto, ON M5H 3M7 Lake Shore Gold Corp. Tony Makuch President
& CEO (416) 703-6298 Lake Shore Gold Corp. Mark Utting
Vice-President, Investor Relations (416) 703-6298
www.lsgold.com
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