Post by Franko10 ™ on Sept 20, 2004 11:37:30 GMT -5
Sept 1, 2004
SHORE FILES FINAL PROSPECTUS FOR WESCAN GOLDFIELDS INC.
DIVIDEND-IN-KIND RECORD DATE SET
George Sanders, Vice President Corporate Development of Shore Gold Inc. (“Shore”) is pleased to report that the final prospectus has been filed for the Initial Public Offering (“IPO”) of the spin-out of Shore’s wholly owned subsidiary, Wescan Goldfields Inc. (“Wescan”). The prospectus clears the offering of 14,000,000 shares at $0.10 per share for gross proceeds of $1,400,000 and clears the distribution of a dividend-in-kind of Wescan shares to Shore’s shareholders.
Shore transferred its gold asset portfolio to Wescan for 12,000,000 newly issued Wescan shares. The portfolio includes three properties in the La Ronge gold belt covering a range of exploration stages from grass roots to former producer. Wescan now holds a 100% interest in the Fork Lake/Tamar project which hosts the former producing Jasper Mine. Wescan also holds a 25% interest in the Jojay property where a substantial amount of drilling was undertaken by Claude Resources Inc. in the late 1980’s. The third property is a 51% operating joint venture interest in the Munro Lake project located 8 kilometres along strike from the Claude Resources Inc. Seabee Gold Mine.
Kenneth E. MacNeill, Shore President and CEO, will serve as a Wescan Director, Chairman and CEO. George Sanders will be a Wescan Director and President. Harvey J. Bay, Shore’s CFO and a Director, will hold the same positions with Wescan. Outside directors include Messrs. Leonard W. Saleken, Michael S. Carr, and Arnie Hillier. Mr. Hillier is recently retired CEO and current Vice Chairman of Claude Resources Inc. and a Shore Director. Mr. Saleken, P.Geo., is President of Goldcliff Resources Corporation and Mr. Carr is President of Bitterroot Resources Ltd.
Wescan has filed a final prospectus in the Provinces of Saskatchewan, Ontario, Manitoba, Alberta and British Columbia ("Filing Jurisdictions") in connection with its proposed initial public offering of 14 million common shares at a price of $0.10 per share, which will be offered on a best efforts basis by Wellington West Capital.
As part of the spin-out transaction, Shore proposes to distribute to its shareholders of record as at September 10, 2004 who reside in the Filing Jurisdictions, as a dividend-in-kind, a maximum of 5,500,000 shares of Wescan, on the basis of one share of Wescan for every 10 shares of Shore held by such shareholders. Fractional shares of Wescan will not be distributed. The shares of Wescan to be distributed to such Shore shareholders will be cleared through the IPO prospectus. Shore will make an application in Quebec for a Discretionary Order to allow the distribution of the Wescan shares to shareholders resident in Quebec without the filing of the prospectus. Shareholders who do not reside in the Filing Jurisdictions or Quebec, will receive, in lieu of Wescan shares, a cash dividend equal to $0.10 for every share of Wescan they would have received if they resided in the Filing Jurisdictions or Quebec, subject to deduction of any applicable withholding tax. The record date for determining the Shore shareholders entitled to receive the dividend is September 10, 2004. The dividend will be distributed concurrently with and is conditional upon, the closing of the Wescan IPO, which is expected to be on or about September 24, 2004.
The proceeds from the IPO will be applied to drilling on the Fork Lake property and to working capital. A qualifying report by independent consultants A.C.A. Howe International Ltd. recommends drill testing the down plunge and along strike extensions of the Jasper ore zones. These zones yielded a recovered grade of 0.54 oz/ton gold.
Upon completion of the IPO, Wescan will emerge as a new gold exploration company with 26,000,100 shares issued, a strong major shareholder and management team, $1,250,000 in the treasury and three quality gold exploration projects.
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Shore is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company trade on the TSX Venture Exchange under the trading symbol "SGF".
For further information: Kenneth E. MacNeill, President & C.E.O., or George Sanders, Vice President Corporate Development at (306) 664-2202.
SHORE FILES FINAL PROSPECTUS FOR WESCAN GOLDFIELDS INC.
DIVIDEND-IN-KIND RECORD DATE SET
George Sanders, Vice President Corporate Development of Shore Gold Inc. (“Shore”) is pleased to report that the final prospectus has been filed for the Initial Public Offering (“IPO”) of the spin-out of Shore’s wholly owned subsidiary, Wescan Goldfields Inc. (“Wescan”). The prospectus clears the offering of 14,000,000 shares at $0.10 per share for gross proceeds of $1,400,000 and clears the distribution of a dividend-in-kind of Wescan shares to Shore’s shareholders.
Shore transferred its gold asset portfolio to Wescan for 12,000,000 newly issued Wescan shares. The portfolio includes three properties in the La Ronge gold belt covering a range of exploration stages from grass roots to former producer. Wescan now holds a 100% interest in the Fork Lake/Tamar project which hosts the former producing Jasper Mine. Wescan also holds a 25% interest in the Jojay property where a substantial amount of drilling was undertaken by Claude Resources Inc. in the late 1980’s. The third property is a 51% operating joint venture interest in the Munro Lake project located 8 kilometres along strike from the Claude Resources Inc. Seabee Gold Mine.
Kenneth E. MacNeill, Shore President and CEO, will serve as a Wescan Director, Chairman and CEO. George Sanders will be a Wescan Director and President. Harvey J. Bay, Shore’s CFO and a Director, will hold the same positions with Wescan. Outside directors include Messrs. Leonard W. Saleken, Michael S. Carr, and Arnie Hillier. Mr. Hillier is recently retired CEO and current Vice Chairman of Claude Resources Inc. and a Shore Director. Mr. Saleken, P.Geo., is President of Goldcliff Resources Corporation and Mr. Carr is President of Bitterroot Resources Ltd.
Wescan has filed a final prospectus in the Provinces of Saskatchewan, Ontario, Manitoba, Alberta and British Columbia ("Filing Jurisdictions") in connection with its proposed initial public offering of 14 million common shares at a price of $0.10 per share, which will be offered on a best efforts basis by Wellington West Capital.
As part of the spin-out transaction, Shore proposes to distribute to its shareholders of record as at September 10, 2004 who reside in the Filing Jurisdictions, as a dividend-in-kind, a maximum of 5,500,000 shares of Wescan, on the basis of one share of Wescan for every 10 shares of Shore held by such shareholders. Fractional shares of Wescan will not be distributed. The shares of Wescan to be distributed to such Shore shareholders will be cleared through the IPO prospectus. Shore will make an application in Quebec for a Discretionary Order to allow the distribution of the Wescan shares to shareholders resident in Quebec without the filing of the prospectus. Shareholders who do not reside in the Filing Jurisdictions or Quebec, will receive, in lieu of Wescan shares, a cash dividend equal to $0.10 for every share of Wescan they would have received if they resided in the Filing Jurisdictions or Quebec, subject to deduction of any applicable withholding tax. The record date for determining the Shore shareholders entitled to receive the dividend is September 10, 2004. The dividend will be distributed concurrently with and is conditional upon, the closing of the Wescan IPO, which is expected to be on or about September 24, 2004.
The proceeds from the IPO will be applied to drilling on the Fork Lake property and to working capital. A qualifying report by independent consultants A.C.A. Howe International Ltd. recommends drill testing the down plunge and along strike extensions of the Jasper ore zones. These zones yielded a recovered grade of 0.54 oz/ton gold.
Upon completion of the IPO, Wescan will emerge as a new gold exploration company with 26,000,100 shares issued, a strong major shareholder and management team, $1,250,000 in the treasury and three quality gold exploration projects.
--------------------------------------------------------------------------------
Shore is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of the Company trade on the TSX Venture Exchange under the trading symbol "SGF".
For further information: Kenneth E. MacNeill, President & C.E.O., or George Sanders, Vice President Corporate Development at (306) 664-2202.