Magnum Goldcorp Inc. acquired the remaining 74.5% stake in LH Property from International Bethlehem Mining Corp. and Cobra Venture Corp.
The expected closing date for the transaction is April 11, 2016. International Bethlehem Mining Corp. intends to distribute 17 million of the Magnum Goldcorp Inc. to its shareholders on a pro rata basis. International Bethlehem Mining Corp. intends to retain the remaining 15.9 million Magnum Goldcorp Inc. shares. Cobra Venture Corp. intends to distribute all of the 17.1 million Magnum Goldcorp Inc. shares it receives under the terms of the LH Property Project agreement to its shareholders. Each of the Parties will be seeking shareholder approval to the LH Property Project transaction at an annual and special meeting of its shareholders to be held April 7, 2016.
Magnum Goldcorp Inc. completed the acquisition of remaining 74.5% stake in LH Property from International Bethlehem Mining Corp. (TSXV:IBC) and Cobra Venture Corp. (TSXV:CBV) on April 26, 2016.