Alexis Completes Offer for Garson Gold Corp.admin
ALEXIS MINERALS CORPORATION announces that its bid to acquire Garson Gold Corp. has now resulted in over 90% of Garson shares being tendered to the Offer. This result confirms that Garson Gold shareholders are overwhelmingly in favour of the acquisition and the opportunity now present for growth in the value of the combined assets. The acquisition of Garson Gold gives Alexis a third project area located in the prospective Snow Lake Mining Camp in Manitoba. Alexis intends to complete a feasibility study on the New Britannia Mine in 2010 as well as explore across the properties.
The bid was allowed to expire at 5:00 p.m. on January 15, 2010 and was not extended. A total of 13,946,423 common shares of Garson Gold were tendered to the Offer since the Offer was extended on December 31, 2009 (the “Extension”). A total of 171,232,328 common shares of Garson Gold have been tendered to the Offer since the initial take-up of shares under the bid. Garson Gold shareholders who tendered to the Offer will receive 0.29 of an Alexis common share for each Garson Gold common share tendered.
Alexis has taken up all of the deposited common shares and issued Alexis common shares on January 15, 2010 in payment for the additional Garson Gold common shares tendered since the Extension at the exchange rate of 0.29.
Alexis plans to commence the statutory procedures required to acquire the remaining Garson Gold shares at the same exchange rate of the Offer. Successful completion of such statutory procedures will result in Alexis owning 100% of the Garson Gold common shares.