Toronto, March 4, 2020 – Continental Gold Inc. (TSX:CNL; OTCQX:CGOOF) (“Continental” or the “Company”) is pleased to announce the completion of the previously announced plan of arrangement (the “Transaction”) involving the Company, Zijin Mining Group Co., Ltd. (“Zijin”) and 2727957 Ontario Inc. (the “Purchaser”), an indirect subsidiary of Zijin, following receipt of all required approvals and satisfaction of all required closing conditions.
In connection with the Transaction, the Purchaser acquired all of the issued and outstanding Common Shares of the Company (“Common Shares”) by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Each Continental shareholder will receive cash consideration of C$5.50 for each Common Share held. Holders of all other outstanding securities of the Company convertible into Common Shares will receive equivalent cash consideration for such outstanding securities on an as-converted basis.
The Common Shares are expected to be delisted from the Toronto Stock Exchange after the end of trading on March 6, 2020. It is also expected that the Common Shares will be removed from the OTCQX after March 6, 2020. The Company has applied to cease to be a reporting issuer under applicable Canadian securities laws.
Full details of the Transaction are set out in the Company’s management information circular dated December 20, 2019 (the “Information Circular”). Registered Continental shareholders should send their completed and executed letters of transmittal and Continental share certificates to the depositary, Computershare Trust Company of Canada, as soon as possible in order to receive the consideration to which they are entitled to in connection with the Transaction. A copy of the Information Circular and the letter of transmittal can be found under Continental’s profile on SEDAR at www.sedar.com.
About Continental Gold
Continental Gold is the leading large-scale gold mining company in Colombia and is presently developing its 100%-owned Buriticá project in Antioquia. Buriticá is one of the largest and highest-grade gold projects in the world and is being advanced utilizing best practices for mine construction, environmental care and community inclusion.
About Zijin
Formed in 1993, Zijin is based in Fujian, China and is a leading global mining company specializing in gold, copper, zinc and other mineral resource exploration and development. It manages an extensive portfolio, primarily consisting of gold, copper, zinc, and other metals through investments in China and overseas across nine countries. Zijin is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
The Original News Link is https://www.continentalgold.com/en/zijin-completes-acquisition-of-continental-gold/