War Eagle Mining Co. Inc. (TSXV:WAR) and two Directors of War Eagle signed an agreement to acquire 87.18% stake in Andromeda Resources, Inc. for CAD 0.32 million on January 11, 2013. War Eagle Mining will acquire additional 74.35% stake while the Directors would own 12.82% stake. The shareholders of Andromeda will exchange each issued and outstanding common share of Andromeda held by them for 0.897 common shares of War Eagle such that the shareholders of War Eagle on ... the effective date of the merger will own approximately 80% of the outstanding shares of War Eagle and the shareholders of Andromeda will own the remaining 20%. The merger terms will result in the issue by War Eagle of approximately 3.04 million shares. Andromeda will continue as a wholly-owned subsidiary of War Eagle. The Board of War Eagle will be comprised of four current members of the Board of War Eagle and a nominee of Andromeda. The management will be headed by Thomas Atkins, the current President and Chief Executive Officer of War Eagle. Paul A. Carroll QC will continue as Chairman of the Board. The completion of the transaction is conditional upon, among other things, receipt of all required regulatory, Andromeda shareholder approvals and the negotiation and execution of definitive documentation. War Eagle Mining Co. Inc. (TSXV:WAR) and two Directors of War Eagle entered into a definitive agreement to acquire 87.18% stake in Andromeda Resources, Inc. on January 23, 2013. The transaction was approved by the shareholders of Andromeda on February 4, 2013 and by the TSX Venture Exchange on February 7, 2013.
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