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Wesdome Gold Mines Ltd And Windarra Minerals Ltd Announce Definitive Agreement Regarding Acquisition

Tuesday, 30 Jul 2013 09:08am EDT 

Wesdome Gold Mines Ltd announced that they have executed a definitive agreement (the Agreement) pursuant to the previously announced letter of intent for the proposed acquisition by Wesdome Minerals Ltd of all of the issued and outstanding common shares of Windarra (the Windarra Shares) on the basis of one common share of Wesdome for each ten Windarra Shares held (the Transaction). The Agreement was negotiated at arm's length and is effective as of July 29, 2013. The shareholders will now own 100% of over 24 kilometres of the Mishibishu Deformation Zone, over 18 kilometres of the Eagle River Deformation Zone and the Eagle River Mill Complex. Recent success in building the new Mishi Mine and its early performance served as a catalyst to see the bigger picture. We now recognize potential for a bigger operation here with outstanding exploration and expansion potential. The Transaction is expected to be completed by way of a share exchange involving Wesdome, Windarra and a wholly-owned subsidiary of Wesdome. Based on the currently issued and outstanding WindarraShares as of the date of this announcement, the number of Wesdome common shares to be issued as part of the consideration will be approximately four million shares, representing approximately 3.9% of Wesdome's currently issued and outstanding shares on a non-diluted basis. The Transaction values Windarra's equity at approximately CAD1.55 million on a non-diluted basis. 

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17 Apr 2014