TORONTO, ONTARIO -- (Marketwire) -- 04/13/12 -- Macusani Yellowcake Inc. (TSX VENTURE:YEL)(FRANKFURT:QG1) ("Macusani") and Southern Andes Energy Inc. (TSX VENTURE:SUR) ("Southern Andes") are pleased to announce that the merger of the two companies has now been completed.
Mr. Peter Hooper, President and CEO of Macusani, stated: "We are extremely pleased the merger with Southern Andes is complete and look forward to realizing the potential of our dominant land position of over 90,000 hectares (900 km2) in the highly prospective Macusani plateau uranium district. We are now in a position to explore the combined geological anomalies which extend from our NI 43-101 compliant resources onto the new properties.
Our cash reserves of $12.9M (approximately 8 cents per share) are sufficient to carry out an intensive drilling campaign to the end of 2013."
Under the terms of the merger, Macusani has acquired all of the outstanding common shares of Southern Andes with shareholders of Southern Andes entitled to receive 0.8 of a common share of Macusani for each common share of Southern Andes held.
To receive the shares of Macusani to which they are entitled under the merger, registered Southern Andes shareholders are required to deposit their Southern Andes share certificates with the depositary for the transaction, Equity Financial Trust Company, at its principal office in Toronto, together with a duly completed and sign letter of transmittal which was sent to Southern Andes shareholders with Southern Andes' proxy materials.