VANCOUVER, British Columbia, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX:CXB, OTCQX:CXBMF) ("Calibre" or the "Company") and Marathon Gold Corporation (TSX:MOZ) ("Marathon") are pleased to announce the successful completion of the previously announced transaction pursuant to which, among other things, Calibre acquired all of the issued and outstanding common shares of Marathon (the "Marathon Shares") pursuant to a court-approved plan of arrangement (the "Arrangement").
Pursuant to the Arrangement, former Marathon shareholders received 0.6164 of a Calibre common share (each whole share, a "Calibre Share") in exchange for each Marathon Share held. As a result of the Arrangement, Calibre issued an aggregate of 249,813,422 Calibre Shares. Upon closing of the Arrangement, existing Calibre and former Marathon shareholders own approximately 65% and 35% of the issued and outstanding Calibre Shares, respectively.
As a result of the Arrangement, Calibre acquired a 100% interest in Marathon's advanced-stage Valentine Gold Project in Newfoundland & Labrador, one of the top mining jurisdictions in the world.
Delisting of the Marathon Shares
Calibre intends to cause Marathon to delist the Marathon Shares from the Toronto Stock Exchange, to submit an application to cease to be a reporting issuer and to otherwise terminate its public company reporting requirements as soon as possible thereafter. The Calibre Shares issued under the Arrangement are expected to be listed and posted for trading on the Toronto Stock Exchange.
Appointment of Matthew Manson to Calibre Board of Directors
Calibre is pleased to announce the appointment of Matthew Manson, the former President, CEO and director of ...