Hello Folks:
Here is the latest press release by PALL and International larder.
Midas
Prospectors Alliance Corporation And International Larder Minerals Inc. -
Shareholders Approve Amalgamation
Toronto, Ontario --
Prospectors Alliance Corporation (PALL - CDN Toronto, 21,116,121
outstanding shares) and International Larder Minerals Inc. (LRDR
- CDN Toronto, 44,477,306 outstanding shares) are pleased to
announced that on Friday, May 26, the shareholders of the
companies and of Explorers Alliance Corporation (a private
company) at separate meetings approved their previously announced
reorganization. The companies stated that the reorganization
involved the combining of their businesses and assets with those
of three "private" companies, Explorers Alliance Corporation,
1338756 Ontario Inc. and 1232448 Ontario Inc. into one
corporation through a series of share acquisitions and
amalgamations.
The relative exchange ratios for the transactions are based on
the underlying independently appraised net asset values of the
companies and conversion of debt into equity at the appraised
value. On completion of the transaction, the amalgamated company
will be renamed Explorers Alliance Corporation and will apply for
continuation of trading on the Canadian Over-the-Counter Market.
After an effective 1 for 4 share consolidation, the Company will
have approximately 20.4 million common shares outstanding on
completion of the transaction with an appraised value of
approximately $0.68 per share. The Company is in negotiations
with several parties to complete a minimum 4,000,000 and maximum
10,000,000 special warrant issue convertible into $0.62 units
consisting of one share and 1/2 a one-year $1 warrant. Completion
of the transaction approved by the shareholders is conditional on
the company completing at least the minimum issue.
After completion of the proposed transaction, the continuing
company will have equity interests in 124 mineral exploration
properties ranging from 10% to 100%. The equity interests are
held in joint venture agreements, farm-in and farm-out agreements
and direct company ownership. The subject lands are located in
Ontario, Quebec and Maine, USA, and aggregate 2,583 claims
containing over 4,500 units (16 ha), covering over 72,000
hectares. |
