Concordia Resource Corp. Exercises Warrants, Acquires 3,000,000 Shares of Western Lithium USA Corp.
04.05.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - May 4, 2011) - Concordia Resource Corp. (TSX VENTURE: CCN) (“Concordia“ or the “Company“), announces that on May 3, 2011 it purchased 3,000,000 common shares of Western Lithium USA Corporation (“WLC“), pursuant to the exercise of 3,000,000 previously issued share purchase warrants at an exercise price of $0.60.The Company has acquired these securities for investment purposes only.Prior to the exercise of warrants, Concordia held an aggregate of 25,540,393 common shares of WLC, or approximately 27.04% of WLC's previous issued and outstanding share capital. Concordia now holds 28,540,393 common shares, or approximately 28.69% of WLC's issued and outstanding shares.
Concordia relied upon the “conversion, exchange or exercise“ exemption provided for in section 2.42 of National Instrument 45-106 in connection with the acquisition of the common shares.
After exercise of the warrants, the Company continues to hold approximately $32.5 million in cash.
ABOUT THE COMPANY
Concordia Resource Corp. is a mineral exploration company with property holdings in North and South America and in Spain. The Company holds the Albisu gold discovery in Nevada, and is earning from Renaissance Gold Inc a 70%interestin the Baza gold-copper project in Spain. Through its wholly owned South American subsidiary, Meryllion Minerals Corp, the Company is earning 100% of the historic La Providencia silver minein Argentina. Concordia has its head office and executive management team in Vancouver, Canada; and its technical team is based in Reno, Nevada.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Concordia Resource Corp.
Karl Cahill
VP, Investor Relations
+1-858-531-6100
Concordia Resource Corp.
Richard Roy
Corporate Communications
+1-604-628-7649
info@concordiaresourcecorp.com
www.concordiaresourcecorp.com