03:53 PM EST - Lions Gate Metals Inc. : announced that it and Ausnico Ltd., said they reached a binding letter of intent dated December 17, 2009 containing the principal terms of the business combination transaction disclosed on September 3, 2009. Pursuant to the transaction, Lions Gate would buy from the Ausnico securityholders all of the issued and outstanding shares and options of Ausnico in exchange for the issuance of an aggregate of 10 million common shares of the company to the Ausnico shareholders and 3 million warrants to the Ausnico optionholders. Each warrant would entitle the holder to purchase one common share of Lions Gate for $1.10 at any time within five years of the date of issuance. Lions Gate Metals Inc.
shares V.LGM are trading even at $0.80.
