high grade copper & moly
Developing the Blue Caribou Project in Nunavut, Canada
Message: Skybridge is now a wholly-owned subsidiary of Mega and its shares ceased trading
| May 27, 2009 |
| Mega Silver and Skybridge Development Announce Closing of Business Combination & Appointment of Jim Rogers as CEO |
| TORONTO, ONTARIO--(Marketwire - May 27, 2009) - Mega Silver Inc. (TSX VENTURE:MSR) ("Mega") and Skybridge Development Corp. ("Skybridge") are pleased to announce that their business combination closed today. Skybridge is now a wholly-owned subsidiary of Mega and its shares have ceased trading and will be de-listed from the TSX Venture Exchange. Under the terms of the combination, former shareholders of Skybridge are entitled to receive one common share of Mega in exchange for every two and one-half common shares of Skybridge held (subject to rounding for fractional interests). Based upon the number of Skybridge common shares outstanding as at May 26, 2009, an aggregate of approximately 8,105,588 common shares of Mega will be issued to former shareholders in exchange for their Skybridge common shares, representing approximately 23% of the outstanding shares of Mega after giving effect to the transaction. It is expected that certificates evidencing the common shares of Mega to which the former registered shareholders of Skybridge are entitled will be mailed by Computershare Investor Services Inc. commencing on or about June 1, 2009. Outstanding Skybridge stock options and warrants have been assumed by Mega and, upon the exercise of the securities in accordance with their terms, the holders thereof will receive common shares of Mega in lieu of Skybridge common shares, on the basis of one Mega common share for every two and one-half common shares of Skybridge holders would have otherwise been entitled to receive. In connection with the business combination, Jim Rogers has been appointed as the President and Chief Executive Officer of Mega, replacing Kenneth Carter, and Steven Filipovic as Mega's Chief Financial Officer, replacing Robert Evans. Mr. Rogers was most recently regional exploration manager for Goldcorp Inc. at Red Lake. His background in the Red Lake gold camp will be a tremendous asset to Mega as it executes a mandate to explore and develop promising gold assets in the Red Lake camp. Additionally, Ewan Downie and Abraham Drost have been appointed to Mega's board of directors, joining current directors, Michael Sweatman and Richard Patricio. Ken Carter has also retired from the board. Mega would like to thank Ken Carter and Bob Evans for their contributions to the company and wishes them the best in their future endeavours. 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 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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