Horseshoe Shareholders Approve Reverse Take-over Transaction with Cosigo Resources
HORSESHOE GOLD MINING INC.
Suite 600-666 Burrard Street Vancouver, B.C. V6C 2X8 Phone: (604) 662-4480 Fax: (604) 685-0553
NEWS RELEASE
April 6, 2011 TSX Venture Exchange: HSX
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
HORSESHOE SHAREHOLDERS APPROVE REVERSE TAKE-OVER TRANSACTION WITH COSIGO RESOURCES
Horseshoe Gold Mining Inc. (the “Company” or “Horseshoe”) is pleased to announce the results of its special meeting of shareholders (the “Meeting”), which was held on March 30, 2011 in Vancouver, British Columbia. At the Meeting, the shareholders of the Company approved all of the resolutions put before them, including: (i) the reverse takeover of Horseshoe by Cosigo Resources Inc. (the “RTO”), (ii) subject to the completion of the RTO, the increase in the number of directors of the Company from three to seven and the election of Dennis Milburn, Joseph Montgomery, Andres Rendle, James McInnes, Patrick Mooney and Edward Robinson to the board of directors; (iii) the consolidation of the Company’s common shares on the basis of three old shares for one new share (the “Consolidation”); (iv) certain amendments to the Company’s stock option plan; (v) subject to the completion of the RTO, the extension of previously granted stock options to directors, officers, employees and consultants of the Company from five years to ten years from their respective grant dates; and (vi) the adoption of the employee purchase plan, each as described in Horseshoe’s information circular dated February 14, 2011 mailed to Horseshoe shareholders and filed on SEDAR.
Further to its news release dated November 1, 2010, the Company is also pleased to announce that the TSX Venture Exchange (the “Exchange”) has conditionally accepted the RTO, the Consolidation, the Company’s brokered private placement of up to 10,000,000 units at a price of $0.50 per unit for gross proceeds of up to $5,000,000 (the “Financing”) and the name change of the Company from “Horseshoe Gold Mining Inc.” to “Cosigo Resources Ltd.”.
In compliance with Exchange policy, the exercise price of the 5,200,000 options granted to directors and officers of the Company and announced on November 15, 2010 will be increased to $0.50, on a post-Consolidation basis on completion of the RTO.
The Company expects to complete the RTO, the Consolidation and the Financing shortly, once it has satisfied certain closing conditions and subsequently obtained the Exchange’s final approval to the RTO.
About Cosigo Resources Inc.
Cosigo is a private company incorporated in British Columbia on March 30, 2005. Through its subsidiaries and company branches, Cosigo is engaged in the acquisition, exploration and, if warranted, development of gold properties in Colombia and Brazil. Cosigo’s principal property is the Machado Project, a gold exploration project on a 9,973.09 ha. mineral concession located in the Taraira Gold Belt in the Province of Vaupes in south-eastern Colombia.
ON BEHALF OF THE BOARD OF DIRECTORS
“James E. McInnes”
_____________________________ James E. McInnes, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.