Caribou Announces Strategic Plan to Spin-Off Timmins Gold Assets
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/13 -- CARIBOU
KING RESOURCES LTD. ("Caribou" or the "Company") (TSX
VENTURE:CKR)(FRANKFURT:CB8) announces plans to spinoff non graphite
interests. The Board of Directors of the Company has determined that
would it be in the best interest of the Company to segregate its
mineral classes into new and distinct companies by way of a spin-off
strategy. The objective of this plan is to separate the gold, via the
spin-off entity and graphite opportunities from the Company's
portfolio. In turn, it is the intent of the Company that each of the
entities will then become a "pure play" in nature and not have
co-mingled mineral classes.
Caribou shareholders will be issued common shares in the subsidiary
entity that is expected to be a share exchange ratio of 1 new for
five old. Shareholders will be defined as those holders of common
shares of Caribou as of the record date, which has yet to be set by
the Company. The Board of Directors of the Company will determine the
date for the distribution of shares from the spin-off company and a
news release announcing the record date will be issued at that time.
"The proposed transaction is an exciting opportunity for Caribou and
its security holders," said Michael England, Caribou's CEO. "This
transaction will provide loyal Caribou shareholders with a meaningful
incentive and reward reflecting the progress we have made with the
company on the graphite front and, participation in an exploration
Spinco with a portfolio of prospective assets located in Timmins,
Ontario. We believe this unbundling of the five new Graphite projects
from Caribou's other exploration assets will ultimately create the
greatest value for our security holders."
This strategic plan remains subject to shareholder and regulatory
approval and conditional on necessary financing.
For more information, visit the website at www.caribouking.com.
ON BEHALF OF THE BOARD
Michael England, CEO, Caribou King Resources Ltd.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Caribou King Resources Ltd.
1-604-683-3995 or Toll Free: 1-888-945-4770
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