Toronto, Ontario -- An offer by Excellon Resources (TSX:EXN) to acquire all outstanding shares of Lateegra Gold (TSX-V:LRG) was made� yesterday morning.
Sea Green Capital through the sale of properties to Lateegra primarily the Beschefer claims, is scheduled to receive over 3 million shares of Lateegra Gold over the course of a year since the transaction announcement dated January 17, 2011 (visit www.seagreencapital.com for complete release).
This offer by Excellon is material to shareholders of Sea Green Capital (TSX-V:SGS) as Excellon is a TSX listed company and the offer represents "a premium of 27.2% and 34.4% based on the May 30th closing price and 45-day volume-weighted average price of the Lateegra Shares, respectively." "An implied value of an implicit price of $0.4644 per Lateegra Share." This represents a value in excess of $1.38 million in value of Excellon shares in Sea Green's treasury for further exploration activities and to allow management to evaluate other opportunities that arise.
The link to the news release by Excellon can be found:
http://www.marketwire.com/press-release/excellon-resources-to-acquire-lateegra-gold-tsx-exn-1520598.htm
About Sea Green Capital Corp. (TSXV:SGS)
Sea Green Capital Corp. is a Canadian based junior exploration company focused on gold exploration in the Yukon White Gold District and Casa-Berardi Region of Quebec.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Sea Green Capital Corp., including, but not limited to the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
ON BEHALF OF THE BOARD OF DIRECTORS
Alexander MacKay, President and CEO