Shoreham to transfer Guyanese properties to new company
2009-10-05 09:38 ET - News Release
YOur thoughts on this move>
Mr. David Bending reports
SHOREHAM PLANS TO SEPARATE GUYANA AND ONTARIO PROPERTIES
Shoreham Resources Ltd. has authorized management to obtain legal, accounting and tax advice with respect to the company's intent to reorganize its mineral properties with a view toward enhancing shareholder value. In particular, the company proposes to transfer its Guyanese properties to a new public company (Marudi Gold Corp.) pursuant to a plan of arrangement transaction. The company will continue to hold its Canadian properties. Under the plan of arrangement, it is intended that the existing shareholders of the company on the date of record will also be the initial shareholders of the newly formed company. The details of the share allocation ratio remains to be determined. It is expected that the shares of the newly formed company will be listed on the TSX Venture Exchange.
The board has created a special committee to determine the details of the reorganization, subject to full board approval. The contemplated transaction will also be subject to the negotiation of a definitive agreement, acceptance of the TSX Venture Exchange, court approval and shareholder approval. Further details of the reorganization and related transactions will be announced as plans are finalized.
David Bending, MSc, PGeo, president, chief executive officer and chairman of the Board of Shoreham Resources, reports that, "Separating our Ontario properties from our Guyana holdings is a logical step in building value for Shoreham's shareholders and allowing for the orderly development of the company's assets."
