KC and all interested parties:
Here is the latest press release from PAll with great news.
Midas
Prospectors Alliance Corporation (PALL - CDN Toronto, 21,116,121
outstanding shares), International Larder Minerals Inc. (LRDR -
CDN Toronto, 44,477,306 outstanding shares) and Explorers
Alliance Corporation (a private company) are pleased to announced
that they have now completed the amalgamation approved by the
shareholders of the companies on May 26. 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 business combination is
effective immediately and the new Explorers Alliance Corporation
("Explorers") has begun the process to seek approval for
continuance of its listing under the new name on the Canadian
Venture Exchange (CDNX).
The completion of the business combination was contingent on the
companies receiving a financing commitment. The companies are
pleased to announce that Explorers Alliance Corporation has
received a financing commitment from Cambridge Capital Group,
Inc., ("Cambridge") of Washington, D.C. for a CDN $3.1 million
convertible debenture to close within approximately 30 days. The
debenture will be convertible at a price of $0.62 per share and
Explorers will have the right to force partial conversions based
on the terms of the debenture. The debenture will bear interest
at a minimum rate of 10% per annum payable quarterly and will be
for a three year term extendible at Explorers' option for an
additional two years. Cambridge will also receive 2.5 million
share purchase warrants in Explorers exercisable for 18 months at
a price of $1.00 per share. The debenture commitment is
conditional on the completion of necessary documentation and the
Company meeting other conditions, which the Company believes have
now been met. Cambridge is an experienced commercial lender
specializing in collateralized business loans since 1991. They
have offices in Washington, D.C.; Dallas, Texas and Savannah,
Georgia.
Explorers now has equity interests in 125 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. The Company has announced several significant
exploration successes in the past several months and now intends
to intensify its exploration and development programmes over the
next several months.
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For further information, please contact:
Jean-Claude Bonhomme, President & CEO or Garry R. Stein, Vice-
President, Chief Financial Officer and Secretary, Explorers
Alliance Corporation at (416) 360-5333
Prospectors Alliance International Larder Minerals Inc.
Corporation 121 Richmond Street West, Suite 804
56 Temperance Street, Toronto, Ontario M5H 2K1
3rd Floor
Toronto, Ontario M5H 3V5 |
