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South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) entered into an arrangement agreement to acquire High Desert Gold Corporation. As part of the acquisition, the Company will obtain a 100% interest in High Desert Gold Corporation’s Gold Springs project, located along the Nevada/Utah border.
As quoted in the press release:
HDGC shareholders (other than SASC) will receive 0.275 of a SASC Class A Share for each HDGC share they hold. SASC currently owns 16,077,000 common shares of HDGC (18.5% on an undiluted basis). Upon completion of the Arrangement, SASC shareholders and HDGC shareholders will own approximately 85.6% and 14.4%, respectively, of the Class A Shares of the post-Arrangement entity.
As part of the Arrangement, immediately prior to the acquisition of HDGC, SASC will spin out to its shareholders, Class B Shares which entitle the holders collectively to 85% of the net cash proceeds received from any award or settlement in connection with the ongoing dispute with Bolivia related to its expropriation of the Malku Khota Project.
Click here to read the South American Silver Corp. (TSX:SAC,OTCQX:SOHAF) press release
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