Under the terms of the amalgamation, shareholders of Associated Porcupine will receive for each share of Associated Porcupine, $5 cash, 3/4 of a common share of American Reserve and 3/16 of a 5-year warrant of American Reserve exercisable at $2.25 per share.
The shares of Associated Porcupine will be delisted from the Toronto Stock Exchange. American Reserve will add the more than 1,500 Associated Porcupine shareholders to its shareholder list.
Through Paymaster Gold Mines, American Reserve now owns 100% of the Paymaster gold property located in Timmins, Ont.
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