Silver Swan Group (ASX: SWN) has advised that it has agreed to release 2,000,000 shares held by Mercator Gold (AIM: MCR) from voluntary escrow. In accordance with Listing Rule 3.10A these shares will be released from escrow in 10 business days.
Mercator Gold Plc was issued 10,000,000 ordinary shares and 4,000,000 performance shares in April 2008 upon the acquisition of the Meekatharra tenements by Silver Swan Group Limited to be escrowed for 2 years.
The issue of the performance shares is subject to the identification of an independently calculated Indicated Mineral Resource of 350,000 ounces of gold or other metal equivalent by the company from the tenements acquired from Mercator Gold Plc.
The remaining 8,000,000 ordinary shares and 4,000,000 performance shares will remain in voluntary escrow.