Ratel Group Limited and RTG Mining Inc. complete restructuring transaction
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PERTH, Western Australia, April 15, 2013 /CNW/ - Ratel Group Limited ("Ratel Group") and RTG Mining Inc. (TSX:RTG) ("RTG") are pleased to announce that Ratel Group and RTG have completed the restructuring transaction, including the merger of Ratel Group and Ratel Merger Ltd., a wholly-owned subsidiary of RTG, and the satisfaction of the escrow release conditions pursuant to the private placement of 162,538,641 subscription receipts of RTG at C$0.13 each. As a result, the 162,538,641 previously issued subscription receipts have been automatically converted (for no additional consideration) into 162,538,641 ordinary shares of RTG and the gross proceeds of the private placement, less the agent's commission, have been released to RTG.
The Toronto Stock Exchange ("TSX") has approved the listing of the RTG Shares in substitution of the ordinary shares of Ratel Group (the "Ratel Shares") on the TSX, which will commence trading on the TSX under the current symbol for Ratel Shares, "RTG". RTG expects that its listing will be effective as of the open of markets on April 15, 2013. RTG Shares issued upon exercise of the Subscription Receipts pursuant to the Private Placement will also be listed on the TSX.
ABOUT RTG MINING INC.
RTG Mining Inc. is listed on the main board of the TSX and is a mining exploration company focused on identifying new gold development and operating acquisition opportunities. RTG is now run by the previous management team of CGA Mining Limited, which successfully merged with B2Gold Inc. in a US$1.1bn scheme of arrangement in January 2013. RTG is also earning a 51% interest in the Segilola Gold Project in Nigeria, the largest undeveloped gold resource identified in Nigeria and holds a 51% interest in the Mkushi Copper Project in Zambia. At the Segilola Gold Project, Ratel Group has identified an indicated resource of 520,000 ounces of gold contained in 3,658,000 tonnes at a grade of 4.4g/t and an inferred resource of 97,600 ounces of gold contained in 790,200 tonnes at a grade of 3.8g/t in accordance with NI 43-101 from just the first pass 11,000m drill program. |
