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Message: Shareholders Approve Business Combination Involving Mega Silver and Skybridge

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Shareholders Approve Business Combination Involving Mega Silver and Skybridge

posted on May 25, 09 08:36AM


Mega Silver Inc.
TSX VENTURE:	MSR

Other Recent News


Skybridge Development Corp.
TSX VENTURE:	SBD

Other Recent News

May 25, 2009

Shareholders Approve Business Combination Involving Mega Silver and Skybridge Development

TORONTO, CANADA--(Marketwire - May 25, 2009) - Mega Silver Inc. (TSX VENTURE:MSR) ("Mega") and Skybridge Development Corp. (TSX VENTURE:SBD) ("Skybridge") are pleased to announce that the proposed business combination involving the two companies was authorized by Skybridge shareholders at a special meeting held earlier today where shareholders approved the amalgamation of Skybridge with a wholly-owned subsidiary of Mega.

Under the terms of the business combination, which will be effected by way of a three-cornered amalgamation, shareholders of Skybridge will be entitled to receive one common share of Mega in exchange for every two and one-half common shares of Skybridge held immediately prior to the amalgamation. Subject to the satisfaction or waiver or any remaining closing conditions, it is expected that the amalgamation will become effective on May 27, 2009.

Trading in the common shares of Skybridge on the TSX Venture Exchange will cease as of the close of business on May 26, 2009 and the securities will be de-listed from the exchange upon completion of the acquisition. Stock options and warrants of Skybridge outstanding following completion of the acquisition will be adjusted to provide for the purchase of common shares of Mega in lieu of Skybridge common shares (based upon the one-for-two and one-half exchange ratio), upon the due exercise thereof.

About Mega Silver

Mega is a public Canadian-based silver mineral exploration company with projects in the Yukon that is committed to an accelerated growth strategy. Backed by a team of experienced mining experts and a strong financial position, Mega Silver is well poised for rapid expansion through quick response to new opportunities and changes in the market. www.megasilver.ca

About Skybridge

Skybridge is a public Canadian-based mineral exploration and development company that recently completed a Phase 1 3600m drill program at its high grade copper Blue Caribou Project in Nunavut Territory, Canada. The Company recently announced its entry into the Red Lake gold camp and a strategy to consolidate other mineral assets Skybridge has an experienced management team to advance its business objective of building shareholder value through exploration and development of mineable mineral resources. www.skybridgedevelopment.com.

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