Hendricks merging with Everdeen

Inactive Everdeen Resources has agreed to amalgamate with privately owned Hendricks Minerals of Canada.

Before the amalgamation can take place, Hendricks must first obtain ownership of the issued and outstanding shares of Hendricks Mining Co.. Hendricks Minerals owns 14% of the shares in Hendricks Mining, a Colorado-based company which owns the 1,000-acre Cross mine property near Boulder, Colo. Hendricks Mining Co. has produced 5,000 oz. gold and 125,000 oz. silver from 27,000 tons of ore. Cross has an estimated geological resource of 500,000 tons grading 0.25 oz. gold per ton.

Along with Hendricks Minerals, Hendricks Mining is owned by MCK Prospectors. This company, in turn, is owned by Donald McKinnon and International Larder Minerals (TSE).

Hendricks Minerals has entered an agreement whereby the other shareholders of Hendricks Mining will exchange all the outstanding shares in Hendricks Minerals for shares in Hendricks Mining. In addition, Hendricks Minerals will raise $1.86-$3.15 million through a private placement.

Once Hendricks completes acquisition of the remaining Hendricks Mining shares and the Cross mine property, steps will be taken to amalgamate with Everdeen. Shareholders of Everdeen are to meet Feb. 11 to approve the amalgamation. The plan calls for Hendricks and Everdeen shareholders to receive shares in the newly amalgamated company on a 1-for-1 basis.