Vancouver, British Columbia--(Newsfile Corp. - February 13, 2018) - War Eagle Mining Company Inc. (TSXV: WAR) ("War Eagle" or the "Company") is pleased to announce the completion of the previously announced amalgamation with Champagne Resources Limited ("Champagne"), a private Ontario company, pursuant to which War Eagle has acquired all of the issued and outstanding common shares of Champagne. The amalgamated company, which will be called "Champagne Resources Limited", will continue as a wholly-owned subsidiary of War Eagle. The amalgamation was overwhelmingly approved by Champagne Shareholders at a special meeting held on February 8, 2018 by a vote of approximately 72% of the shares outstanding, 100% in favour. There were no dissenting shareholders.
On closing of the amalgamation, 21,990,276 common shares of War Eagle were issued to shareholders of Champagne such that the existing shareholders of War Eagle on the completion of the amalgamation own 50% of the outstanding shares of War Eagle and the former shareholders of Champagne own the remaining 50%. The outstanding share capital of War Eagle post the amalgamation is 43,980,552 common shares on a non-diluted basis. Outstanding Champagne share purchase warrants and options were converted into War Eagle securities such that 6,086,045 share purchase warrants and stock options to purchase 1,215,659 common shares were issued at exercise prices ranging from $0.13 to $0.86 with expiry dates of August 9, 2019 for the share purchase warrants and May 5, 2021 in respect of the stock options.
Danièle Spethmann has been appointed as President and CEO of War Eagle. The board of directors of War Eagle now comprises Paul Carroll, Executive Chairman, Malcolm Burke, William Hamilton, Danièle Spethmann and Peter Winnell. On completion of the amalgamation, Donald Padgett resigned from the War Eagle board of directors to accommodate incoming Champagne representatives.
The TSX Venture Exchange ("TSXV") has granted final approval for War Eagle's transaction with Champagne. As a condition to final TSXV approval, War Eagle filed an updated National Instrument 43-101 technical report on Champagne's 100% owned Goodfish Kirana Project at Kirkland Lake which report has been filed on War Eagle's SEDAR profile.
Danièle Spethmann, newly-appointed President and CEO of War Eagle commented, "We are very pleased to have completed this amalgamation which facilitates the advancement of exploration activities on the Company's Goodfish Kirana property. With the amalgamation completed, we will now focus on exploration work including assaying existing drill cores and undertaking airborne and ground geophysics programs supported by the Ministry of Northern Development and Mines' Junior Exploration Assistance Program (JEAP) initiative."
About War Eagle
War Eagle is a TSX Venture Exchange listed company focused on the exploration of mineral resource properties in northern Ontario with a focus on gold deposits. The Company has a significant land position in the Kirkland Lake Gold Camp five kilometres from the center of the Town of Kirkland Lake. The Company's Goodfish Kirana Project is a 10 km long by 3 km wide land package with numerous historical gold showings and significant structural breaks that has been under-explored with modern technology providing for an exciting and unique discovery opportunity.
Danièle Spethmann, P. Geo., President and CEO of War Eagle, is a "qualified person" within the meaning of National Instrument 43-101 and has reviewed and approved the technical information in this news release.
For additional information please contact:
War Eagle Mining Company Inc.
Danièle Spethmann, P.Geo
President and CEO
+1 (647) 344-3433
+ 1 (604) 220-2000
This news release was prepared by management of War Eagle, which takes full responsibility for its contents as it relates to War Eagle.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by the Company. Although War Eagle believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because War Eagle can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the Company's management discussion and analysis of the financial condition and results of operations for the year ended March 31, 2017 and the second quarter ended September 30, 2017, which are available at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and War Eagle undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.