Shareholders have approved the merger of Muscocho Explorations (MUS-T), McNellen Resources (MNR-T) and Flanagan McAdam Resources (FMRI-C) into a single entity. The new company, to be called Golden Goose Resources (GGR-T), is expected to receive a listing on the Toronto Stock Exchange this month.
Under the reorganization plan, Golden Goose emerges debt-free and will hold the Magino gold property and mill in Ontario, plus a 75% interest in the nearby Magnacon gold property. Secured creditors of the predecessor companies will be trading their debt holdings for shares in Golden Goose.
Existing shareholders receive one Golden Goose share for either four Muscocho shares, 18.4 Flanagan McAdam shares, or 22.75 McNellen shares.
The new company expects to begin deep drilling at its two properties, partly financed by placements of shares with William Resources (WIM-T), which will provide $2-4 million for exploration.
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