PMEA Blog

TORONTO, ONTARIO, Mar 18, 2009 (MARKET WIRE via COMTEX) — Metallum Resources Inc. (CA:MRV: news , chart , profile ) (the “Company” or “Metallum”) provides further details on the proposed reverse takeover (”RTO”) with Solfotara Mining Corporation (”Solfotara”), previously announced on February 28, 2009 (the “Proposed Transaction”). The parties to the Proposed Transaction act at arm’s length.

Background

On February 27, 2009, Metallum signed a Letter of Intent, as amended by agreement dated as of March 18, 2009 (”LOI”) with Solfotara. If the Proposed Transaction is completed, the shareholders of Solfotara will own approximately 80% of the fully-diluted shares (pre-new money) of the Resulting Issuer (the entity formed out of the three cornered amalgamation of Metallum, Solfotara and a wholly-owned subsidiary of Metallum formed to complete the RTO) while the existing shareholders of Metallum will own approximately 20% of the fully-diluted shares (pre-new money) of the Resulting Issuer.

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