Maudore Minerals Ltd. (TSXV:MAO) made a formal non-binding proposal to acquire Eagle Hill Exploration Corporation (TSXV:EAG) from its shareholders for $28.6 million on December 4, 2012. Under the terms of the proposal, Maudore is proposing to merge with Eagle Hill on a basis whereby each outstanding common share of Eagle Hill would be exchanged for 0.0773 common shares of Maudore, which would become the merged company. Maudore Minerals will also pay $1.68 million for the outstanding warrants with an exchange ratio of 0.0773. On this basis, the current shareholders of Eagle Hill would own approximately 33.7% of the merged company and the current shareholders of Maudore would own approximately 66.35% of the merged company. A senior secured term loan facility of up to $35 million will be used to fund the deal. The transaction is subject to approval from the TSX Venture Exchange. Andrew Mugridge and Benjamin Curry of Progressive Investor Relations and Nathalie Dion of MI3 Communications Financieres Inc. acted as PR advisors in the deal.

Maudore Minerals Ltd. (TSXV:MAO) cancelled the acquisition of Eagle Hill Exploration Corporation (TSXV:EAG) from its shareholders on April 18, 2013.