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Topics News & Markets

Key Gold Holding agrees to reverse takeover by privately held Pangolin Diamonds

By The Canadian Press | February 21, 2012

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TORONTO - Key Gold Holding Inc. (TSXV:KGH) said Tuesday is has agreed to a reverse takeover by privately held junior exploration company Pangolin Diamonds Corp.

The two companies aim to have a definitive merger agreement in place by April 15, and trading in Key Gold shares halted until a deal has been reached.

A reverse takeover allows a private company to be technically acquired by a publicly traded firm, gaining it a listing on a stock exchange.

Under proposed terms of the deal, 40.6 per cent of the merged company would be held by current Pangolin shareholders, 28.9 per cent by current Key Gold shareholders and 30.4 per cent by subscribers to a proposed financing offer.

Pangolin holds a 100 per cent interest in 11 diamond prospecting licences in Botswana.

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