Vancouver Cross Lake Minerals (CRN-T) has acquired all of the shares of Gold Giant Ventures (GGG-V) according to their merger deal which closed on December 8, 2003.
Shareholders of Gold Giant will receive two Cross Lake shares for each Gold Giant share held. Gold Giant shares should be delisted from the TSX Venture Exchange at the close of market on Friday, December 12, 2003. Cross Lake’s trading symbol on the Toronto Stock Exchange is CRN.
The deal leaves Cross Lake with 77 million shares issued and outstanding. Cross Lake’s transfer agent, will be sending letters of transmittal to registered shareholders of Gold Giant which will provide instructions on how to exchange their existing Gold Giant share certificates for Cross Lake share certificates.
The new board of directors of Cross Lake consists of Henry Ewanchuk, Gordon Keevil, Brian Kynoch, Donald Sheldon and Keith Steeves. Gordon Keevil has been appointed President.
Cross Lake has over $800,000 in working capital with no debt. It has a diversified portfolio of 16 mineral properties in BC and Ontario, the most significant being its 100% option interest in the past producing gold QR Mine, located near Quesnel, BC.
Drilling continues on the QR Mine, Cariboo and Cantin Creek properties, near Quesnel, BC. The planned drilling program is expected to be completed prior to the year-end and results will be released after they have been compiled and interpreted by the companies.
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