Oct 30 2010
Tagish Lake Gold Corp. (TSX VENTURE:TLG) announces today that it has entered into an agreement with New Pacific Metals Corp. to pursue a plan of arrangement whereby New Pacific would acquire the remaining issued and outstanding common shares of the Company which it does not currently hold.
The Arrangement is being proposed in order to allow New Pacific to acquire the Shares that were not deposited under the recently expired take-over bid by New Pacific for the Shares. If the Arrangement is completed, the Company will become a wholly-owned subsidiary of New Pacific.
The Company intends to seek an order from the Supreme Court of British Columbia (the "Court") authorizing a meeting of the shareholders of the Company (on a date to be announced) to consider the approval of the Arrangement.
The Company also intends, subject to the approval of the Court, to cancel the meeting of the shareholders of the Company which is scheduled to be held on November 17, 2010. As disclosed in the October 27, 2010 news release of the Company, the previous directors of the Company have each resigned and have been replaced with nominees of New Pacific. Given that the only matter to have been considered at the November 17, 2010 meeting was the removal and appointment of the directors, the meeting is no longer necessary. Shareholders of the Company who have received the notice of meeting and management information circular in respect of such meeting are advised to disregard such materials.
The Company also announces that effective October 27, 2010, Graham Dickson has been removed as President and Chief Executive Officer of the Company, Sun Feng has been removed as Chairman of the Company, Graham Scott has been removed as Corporate Secretary of the Company, and Rui Feng has been appointed as the President of the Company.