Swala Resources Shareholders Vote Unanimously in Favor of Acquisition by Concordia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/28/11 -- Concordia Resource Corp. (TSX VENTURE: CCN) ('Concordia' or the 'Company') is pleased to announce that, following the meeting on 23 December 2011, the shareholders and other securities holders of Swala Resources Inc. ('Swala') have voted unanimously in favor of the acquisition of Swala by Concordia. This vote was a condition for the Definitive Agreement between Concordia and Swala that was signed on 20 October 2011. Subject to receipt of regulatory and court approval we anticipate that the transaction will be completed in early January.
Toby Mayo, President of Concordia, commented, 'The combination of the Concordia and Swala teams and portfolio of projects, added to Concordia's strong balance sheet and experienced board of directors, will place the combined company in an exceptional position to take advantage of current market conditions and to finance the development of our new portfolio of West African projects, especially the flagship Kerboule gold project in Burkina Faso.'
ABOUT CONCORDIA
Concordia Resource Corp. is a junior mining exploration company. The acquisition of Swala adds to Concordia's precious metals portfolio, which includes the past-producing La Providencia silver mine in Argentina, and positions the Company as a well-financed African explorer with an emphasis on developing gold deposits holding the potential of one million ounces upwards. Members of Swala's technical team are former Anglo American plc. and De Beers executives with extensive experience of operations throughout the African continent. Concordia has its head office and executive management team in Vancouver, Canada; its technical team is based in Reno, Nevada.
On behalf of the Board of Concordia Resource Corp.
R. Edward Flood, Chairman
The TSX-V has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.
Contacts:
Concordia Resource Corp.
Karl Cahill
VP, Investor Relations
+1-604-331-981 or 1-858-531-6100
info@concordiaresourcecorp.com
www.concordiaresourcecorp.com