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Caerus Resource Corporation TSX-V:CACaerus Resource Corporation is an aggressive Canadian junior precious and base metal exploration company developing exploration opportunities in geographic areas with a proven history of geological discovery. Caerus Resource: Update on Plan of Arrangement with White Gold CorporationVancouver, BC January 12, 2009 - Caerus Resource Corporation provides an update on its previously announced proposed Plan of Arrangement with White Gold Corporation involving the Company’s acquisition of a 100% interest in White Gold Corporation pursuant to an Arrangement Agreement dated September 28, 2009 (the “Agreement”). The Company has today received from White Gold Corporation a purported notice of termination of the Agreement on the basis that the Plan of Arrangement was not completed prior to December 31, 2009. Proceeding towards the completion of the Plan of Arrangement was delayed beyond December 31, 2009 because the Company was waiting for confirmation that White Gold Corporation is the registered and recorded owner of Oro Barracuda Ltda. under applicable Colombian laws. In connection with the transaction, White Gold Corporation represented that it holds certain mineral claims and mineral title solicitations relating to gold exploration properties located in Colombia through a wholly-owned subsidiary, Oro Barracuda Ltda., a Colombian corporation. Acquiring an interest in these assets was the Company’s main purpose for the transaction. Based on the Company’s due diligence, the applicable registration process that would result in White Gold Corporation being validly recognized as the registered and recorded owner of Oro Barracuda Ltda. had not been completed by White Gold Corporation as of late December 2009. In addition, White Gold Corporation did not take various steps as required under the Agreement to advance the Plan of Arrangement. The Company has invested significant time and money into completing the Plan of Arrangement and proceeded in good faith while waiting for White Gold Corporation to comply with its obligations under the Agreement. In light of White Gold Corporation’s delivery of the notice of termination, the Company is now reviewing its legal position in regards to this matter. MAP OF COLOMBIA "
Information updated March 4, 2010. All technical information presented at this web site has been reviewed by Paul A. Pelke, California Registered Geologist No. 4150, a Qualified Person as defined in National Policy Instrument 43-101. Click here to read our disclaimer. |
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