News Release Disclaimer
PROSPECTORS ALLIANCE - MERGER PROPOSAL
Thursday, July 8, 1999, 11:43 AM EDT
Toronto, Ontario
Prospectors Alliance Corporation (PALL - CDN Toronto, 18,181,121
outstanding shares) announced today that at a meeting of its
board of directors held on July 7, 1999 it was agreed in
principle to pursue the merger of the Company with International
Larder Minerals Inc. ("LRDR" - CDN), Explorers Alliance
Corporation, 1338756 Ontario Inc. and 1232448 Ontario Inc. The
private numbered companies hold interests in a number of mineral
properties located in the Timmins area of northeastern Ontario
and in the Casa Berardi and Lac Rocher areas of northwestern
Quebec. Larder and Explorers Alliance are currently parties to
a merger proposal. Many of the companies have one or more common
interests in properties held by the others.
The purpose of the proposed transaction is to consolidate the
various mining interests in one corporation in order to reduce
costs and facilitate financing.
To accommodate these proposals, Mr. J.C. Bonhomme resigned as
Chairman of the Company to assume the roles of President and
Chief Executive Officer in order to spearhead the mergers and Mr.
John D. Harvey, P.Eng. resigned from the latter offices in order
to continue the company's exploration efforts as Vice President,
Exploration.
The proposals have not yet been reduced to the form of agreements
between the parties. When the documentation is settled and any
needed fairness opinions obtained, they will have to be
considered and approved of by an Independent Committee of the
board of directors appointed yesterday for that purpose. The
Committee consists of Peter Crossgrove, Donald Smith and W.
Stearns Vaughan. The transactions will be subject to approval as
well by the board of directors and shareholders of the company
and by all applicable regulatory authorities.
FOR FURTHER INFORMATION, PLEASE CONTACT:
J.C. Bonhomme, President or Robert N. Granger, Vice President
Tel: (416) 360-5333 Fax: (416) 360-4419
8th Floor, 350 Bay Street, Toronto, Ontario, M5H 2S6
E-Mail: info@prospectorsalliance.com
Website: www.prospectorsalliance.com
PROSPECTORS ALLIANCE CORPORATION
(Mining)
--------------------------------------------------------------------------------
© 1999 BCE Emergis |
