TORONTO – BACTECH MINING has completed its due diligence and plans to go ahead with a merger with Scorpio Gold, a 93%-owned subsidiary of SCORPIO MINING. The definitive merger agreement was signed on Oct. 26, 2007.
BacTech has secured expressions of support for the merger from over 40% of its shareholders. Pursuant to the terms of the agreement, BacTech will issue 2.6 common shares for each common share of Scorpio Gold outstanding. It is anticipated that, in connection with the transaction, BacTech will change its name to SCORPIO GOLD CORPORATION. The merger will result in Scorpio Mining becoming the new controlling shareholder of the company.
The combined company will hold interests in two past-producing gold mines (Cariboo and Cochrane Hill) in Nova Scotia, a polymetallic exploration project (Lac Arseneault) in the Gaspe, Quebec, as well as access to numerous projects under evaluation by BacTech.
See either www.BacTech.com or www.ScorpioMining.com.