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Freegold Ventures Limited and Western Standard Metals Ltd. Announce Proposed Amalgamation
Feb 17, 2010 08:30:00 (ET)
VANCOUVER, Feb 17, 2010 /PRNewswire via COMTEX/ -- Freegold Ventures Limited ("Freegold"), and Western Standard Metals Ltd. ("Western Standard"), are pleased to announce that they have entered into a Letter of Intent (the "LOI") to amalgamate the two companies ("the Amalgamation"). Management of Western Standard and Freegold are of the opinion that the combination of their assets into one company will result in a company with stronger management and financial capabilities better able to accelerate the exploration and development of their projects.
Pursuant to the LOI, Western Standard and Freegold will amalgamate to form a new company ("Amalco"). The issued shares, options and warrants of Western Standard and Freegold will be exchanged with shares, options and warrants of Amalco, as the case may be, at a ratio to be negotiated on the effective date of the Definitive Agreement to be entered into with respect to the Amalgamation (the "Agreement").
Amalco will retain the management and exploration teams of both companies resulting in a company with greater financial and technical strength to move their advanced stage projects forward.
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