Carlisle Goldfields Limited & Delta Uranium Inc. cancel business transaction
Tue Jun 9, 9:20 AM
ca.news.finance.yahoo.com
TORONTO, June 9 /CNW/ - Further to press release dated February 26, 2009 Carlisle Goldfields Limited (Carlisle) wishes to announce the cancellation of a proposed business transaction with Delta Uranium Inc. (Delta). The transaction would have involved a vend-in of certain gold assets of a subco of Delta for consideration of 4 million shares and a post consolidated roll back of Carlisle shares on a 10:1 basis. As part of this transaction Delta's subco was to conduct a private placement of a minimum of $5 million and a maximum of $10 million of units @ $0.50 per unit.
After further review and due to overall market conditions management of both companies have agreed that the transaction should not proceed.
Carlisle has decided that it will now proceed in a singular fashion to raise capital with 100 % focus on its core asset at the MacLellan mine site in Lynn Lake Manitoba. As a first step in this process Carlisle announced in a press release dated June 5, 2009 that it had completed a private placement of $165,000 of convertible debentures of the company.
A definitive plan is underway as the company puts together a syndicate of new and key shareholders focused on the long term potential of Carlisle; the goal being recapitalization and recommencement of activity at its flagship MacLellan mine site and the provision of true value for its loyal shareholders.
About Carlisle Goldfields Limited
Carlisle Goldfields Limited is a Canadian based Gold Exploration and Development company focused on its 20,000 hectare land position in the Lynn Lake Greenstone Belt of Manitoba where the company has defined reserves of 412,00 ounces of gold and is expecting to define additional resources in the range of 400,000 to 800,000 ounces of gold.
This document may contain forward looking statements. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. The company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Contacts
Carl McGill
President and Chief Executive Officer
Tel: (416) 278-8406
Fax: (416) 703-3695 |
