Vancouver, B.C., Canada (April 6, 2011) – Clearlease.com Reports Gee-Ten Ventures Inc. (TSXV:GTV) announced Tuesday that it is being merged with a privately owned Colombia-focused mining exploration company headquartered in Montreal.
The company will adopt the private company’s name, Cabia Goldhills Inc., and list its shares publicly on the TSX Venture Exchange.
Under the agreement, dated April 4 and announced Tuesday, each of Gee-Ten share will be exchange for one common share of amalgamated company and each share of Cabia for one-half of one share of the new company.
Concurrent with the reverse takeover, Mackie Research Capital will be lead agent in a “best efforts” private placement sale of between $3 million and $5 million subscription receipts, which will be converted to shares and warrants.
Money from the financing will be used to pay the first instalments and work commitments for the acquisition of interests in mining concessions in Colombia, working capital and for general corporate purposes.
Gee-Ten shares last traded Monday at 50 cents, giving it a market value of $2 million.
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