Sep 22 2010
San Anton Resource Corporation (TSX:SNN) ("San Anton" or the "Company") announces that effective September 21, 2010, San Anton and Kings Minerals NL have completed their previously announced business combination.
Pursuant to the business combination, Kings Minerals acquired all of the San Anton common shares it did not own in consideration for Kings Minerals ordinary shares on the basis of two and one-half (2.5) Kings Minerals shares for each San Anton share. Kings Minerals issued a total of 83,815,102 ordinary shares to San Anton's former minority shareholders and now has a total of 593,228,136 shares outstanding.
As a result of the completion of the business combination, San Anton is now an indirect wholly-owned subsidiary of Kings Minerals and it has applied to have its common shares delisted from the Toronto Stock Exchange. In addition, Kings Minerals has become a reporting issuer in the provinces of Ontario, British Columbia and Alberta. As previously announced, Kings Minerals has also received conditional approval for the listing of its ordinary shares on the TSX Venture Exchange (the "Exchange"). The listing is subject to Kings Minerals fulfilling certain requirements of the Exchange in accordance with the terms of its conditional approval letter dated September 16, 2010. Kings Minerals expects to file with the Exchange, before the end of this week, the final documentation requested in the Exchange's conditional approval letter and, pending review and acceptance by the Exchange of such documentation, Kings Minerals anticipates trading of its shares on the Exchange to commence soon thereafter on a day to be determined by the Exchange, under the symbol "KMN".
John Cook, the former President and CEO of San Anton, and Nicholas Tintor, a former director of San Anton, have joined the board of directors of Kings Minerals.
Norman Seckold, Chairman of San Anton and Kings, stated: "We are very pleased to have completed the business combination and Kings welcomes its new shareholders from San Anton. With the transaction completed, we believe we have taken an important step for better positioning the Cerro del Gallo project for development and we hope to report substantial progress towards that end in the near future."