TORONTO, ONTARIO--(Marketwired - June 24, 2013) -
NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Legend Gold Corp. (the "Company" or "Legend Gold") (TSX VENTURE:LGN) is pleased to announce that the Company held its annual and special shareholders meeting on June 20th in Toronto, Ontario. The result was that all resolutions put before shareholders were approved. For the resolution on the consolidation of Legend Gold's issued and outstanding common shares on a 6:1 conversion basis, shareholders voted 99% in favour of the consolidation, with 23,802,193 common shares voting. The common shares of Legend Gold outstanding is thus reduced from 80,431,324 to 13,405,221.
As announced on May 15th, the Company is nearing completion of definitive acquisition agreements to acquire several exploration-stage properties located in Mali from Endeavour Mining Corporation ("Endeavour") (EDV.TO)(EVR.AX) and to acquire Corado Resources Corp. ("Corado"), a private Canadian company exploring in the Republic of Congo. In conjunction with these acquisitions, the Company will raise up to $6 million through a non-brokered private placement with affiliates of Sprott Inc. ("Sprott"). The Company will also strengthen its management team through the addition of key personnel from Corado. Legend Gold has been exploring for gold in Mali since 2002 and has three projects with active exploration programs.
Douglas Perkins, CEO of Legend Gold, stated that "this is a tremendous support from shareholders to follow the direction of Management in these difficult times."
The definitive agreement in respect of the Corado acquisition has been executed and it is anticipated that the definitive agreement will be executed with Endeavour this week. Given the complexities of the deal and the demands of the TSX Venture Exchange (the "Exchange") for approval of transaction documentation, the "outside date" for completion of the financing has been extended to August 15, 2013. The Exchange requires National Instrument 43-101 compliant technical reports from both Corado and Endeavour as part of the documentation for approval of the transactions. The Corado technical report has been submitted and Endeavour technical report is currently being finalized for submission with the Exchange. Both the Endeavour acquisition and the Corado acquisition are expected to close in July, 2013. Trading of the Company's shares has been halted until the Exchange approves the transaction documentation.
About The Company
Legend Gold is a mineral exploration and development company focused on exploring for gold in the Republic Of Mali, West Africa. Our five main projects are the Lakanfla, Mougnina, Tiekoumala, Kata, and Mogoyafara projects. In recent years, we have made significant gold discoveries on the Tiekoumala project located in Southern Mali, and the Lakanfla project located in Western Mali. Please visit our website www.legendgold.com to view project details.
This press release has been prepared by Legend Gold Corp. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements that are based Legend Gold Corp.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.