South American Silver and High Desert Gold Corporation Complete Plan of Arrangement

- December 23rd, 2013

South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) and High Desert Gold Corporation (TSXV:HDG,OTCQX:HDGCF,FWB:7HD) have completed their previously announced statutory plan of arrangement, whereby SASC shareholders received one new SASC Common Share and one SASC Class B Share for each SASC common share previously held.

South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) and High Desert Gold Corporation (TSXV:HDG,OTCQX:HDGCF,FWB:7HD) have completed their previously announced statutory plan of arrangement, whereby SASC shareholders received one new SASC Common Share and one SASC Class B Share for each SASC common share previously held.

As quoted in the press release:

Under the Arrangement, SASC shareholders received one new SASC Common Share and one SASC Class B Share for each SASC common share previously held. The new SASC Common Shares carry voting, dividend and liquidation rights similar to SASC’s former common shares. The Class B Shares carry redemption and retraction rights and rights on liquidation which entitle the holders collectively to 85% of the net cash, if any, (after deducting all costs, taxes and expenses and the third party funder’s portion thereof)received by SASC from an award or settlement in relation to SASC’s wholly-owned subsidiary South American Silver Limited’s arbitration proceeding against the Plurinational State of Bolivia for the expropriation of the Malku Khota project. The Class B Shares are non-voting and non-participating in regards to dividends and on liquidation other than as described above.

Click here to read the South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) press release
Click here to see the South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) profile.

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