, Stock Forum
) strategically increased its land position when the company announced today that it had completed its recent acquisition of Cadillac Mining through a Court-approved plan of arrangement.
According to the news release
, Cadillac shareholders received 0.12195 Pilot Gold shares and 0.12195 Pilot Gold purchase warrants for each common share of Cadillac held, with each Pilot warrant held entitling the bearer to one Pilot Gold share at an exercise price of $2.00 at a two-year term.
Current Cadillac warrants and stock options are exercisable for Pilot Gold shares adjusted to respect the 0.12195 exchange ratio.
Company President and CEO, Matt Lennox-King, commented on the transaction, “The acquisition of Cadillac Mining and its 100%-owned Goldstrike project is an attractive and strategic addition for Pilot Gold. At Goldstrike, the address, large land position, prospective geology, and extensive historic databases represent key building blocks for future growth and value creation.”
He then summed up, “The transaction provides Cadillac shareholders exposure to Pilot Gold's Kinsley, TV Tower and Halilağa projects, as well as our leading exploration and development team.”
Pilot Gold was in the news recently when the Vancouver-based company released Q2 2014 financial and operating results in the middle of August
Shares gained 7.26% on the news to $1.33 per share.
Currently there are 103.0m outstanding shares with a market cap of $137.0 million.