Dec. 14, 2010 (Filing Services Canada) -- Mega Precious Metals Inc. (MGP - TSX Venture), ("Mega") and Rolling Rock Resources Corporation (TSX-V:RLL) ("Rolling Rock") jointly announced today the completion of the acquisition of Rolling Rock by Mega. Mega acquired all of the outstanding shares of Rolling Rock pursuant to a three-cornered amalgamation under the Business Corporations Act (British Columbia). The transaction was previously approved by 100% of the Rolling Rock shareholders who voted in respect of the amalgamation.
Effective today, each common share of Rolling Rock has been exchanged for 0.4 of a common share of Mega. Registered shareholders should follow the instructions in Rolling Rock's management information circular dated November 5, 2010 in order to obtain certificates representing their Mega shares. It is expected that the common shares of Rolling Rock will be delisted from the TSX Venture Exchange at the open of business on or around December 16, 2010.
Jim Rogers, President and CEO of Mega said, "The closing of this transaction is yet another milestone in Mega's strategic business plan. The Monument Bay project is now a key component of Mega's project portfolio and we are pleased to be the champion behind its advancement. We look forward to partnering with stakeholders and are confident that through these relationships we can build value for all involved."
Mega Precious Metals Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Manitoba, Nunavut and the Yukon. Mega is committed to an accelerated growth strategy and is backed by a team of experienced mining experts and a strong financial position. Mega is poised for rapid expansion through quick response to new opportunities and changes in the market. Mega's common shares trade on the TSX Venture Exchange under the symbol MGP. For further information and presentation material, please review the Mega website at www.megapmi.com.
Mega Precious Metals Inc.
Jim Rogers, President and CEO
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information is frequently, but not always, characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information in this news release includes, but is not limited to, statements with respect Mega's business plans and strategies, the development of the Monument Bay project and the realization of the potential, if any, at the Monument Bay project. The reader is cautioned not to place undue reliance on forward-looking information. Forward-looking information is based on certain assumptions, opinions and estimates of management at the date the information is given and is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. These assumptions include, but are not limited to, no material adverse change occurring in the business or affairs of Mega. Factors that could cause the forward-looking information to differ materially in actuality include risks typical of operating in the mining industry, changes in gold and other metal prices and potential delays in obtaining required permits. More information about the risks and uncertainties affecting Mega can be found in Mega's and Rolling Rock's filings posted on SEDAR at www.sedar.com, including in the management information circular dated November 5, 2010 of Rolling Rock. Mega does not undertake an obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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