Metal Mountain Resources Shareholders Approve Transaction With Blue Lagoon

VANCOUVER, BC / ACCESSWIRE / March 23, 2020 / Blue Lagoon Resources Inc. (the "Company") (BLLG.CN)(7BL.F)(BLAGF) is pleased to announce that shareholders of Metal Mountain Resources Inc. ("Metal Mountain") approved the business combination with Blue Lagoon, with 99.97% of shares represented at the meeting voting in favour of the transaction. Blue Lagoon and Metal Mountain will now proceed with the final steps required to close the transaction, which is currently scheduled to be completed on or before March 27, 2020.

Pursuant to the transaction, Metal Mountain will on closing amalgamate with a newly-incorporated subsidiary of the Company to form one corporation that will be a wholly-owned subsidiary of the Company. The shareholders of Metal Mountain will receive 0.97266 common shares in the capital of the Company in exchange for every four outstanding common shares of Metal Mountain held by them.

The Company is also pleased to announce that it has entered into a definitive agreement with A.G. Partners Holdings Ltd. to acquire its 27.44% share interest in Gavin Mines Inc. concurrently with the closing of the Metal Mountain transaction. Gavin Mines holds 100% of the Dome Mountain mine. Metal Mountain holds a 50.84% interest in Gavin Mines Inc. Upon completion of the acquisition of the additional Gavin Mines shares, Blue Lagoon will directly and indirectly control 78.28% of the outstanding shares of Gavin Mines Inc.

For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: rana@ranavig.com

The CSE has not, in any way, passed upon the merits of the Transaction and associated transactions and has not, in any way, approved or disapproved of the contents of this press release.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Transaction and the completion thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all necessary regulatory and shareholder approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE: Blue Lagoon Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/582048/Metal-Mountain-Resources-Shareholders-Approve-Transaction-With-Blue-Lagoon