Jan 25 2011
Terraco Gold Corp. (TSX VENTURE:TEN) ("Terraco" or the "Company") and Western Standard Metals Ltd. (TSX VENTURE:WSM) ("Western") are pleased to announce the completion of the previously announced plan of arrangement (the "Arrangement") for the merger of Western and Terraco. Effective at 12:01 am on January 25, 2011, Western will become a wholly-owned subsidiary of Terraco.
Shares of Western will be delisted from the TSX Venture Exchange. Terraco's common shares continue to trade on the TSX Venture Exchange under the symbol "TEN".
Under the terms of the Arrangement, Western's shareholders received 0.75 of a Terraco common share in exchange for each Western common share held, and Western warrantholders received 0.50 of a common share purchase warrant of Terraco for each Western warrant held. In accordance with their terms, the outstanding options to purchase Western shares have been adjusted so that, upon exercise, for each Western share that would previously have been issued, the optionholder will receive 0.75 of a common share of Terraco. In addition, the Company welcomes Mr. Zahir Dhanani to its Board of Directors as part of the Arrangement.
In order to receive the Terraco common shares and warrants to which they are entitled, former holders of Western shares and warrants must complete and return to Computershare Investor Services Inc., a letter of transmittal together with the certificates representing their Western shares and Western warrants.
Source: http://www.terracogold.com/