Procon Resources Inc. entered into an agreement to acquire substantially all assets of Golden Band Resources Inc. for CAD 19.6 million in a stalking horse bid on May 13, 2016. The purchase price under the credit bid equals the obligations of Golden Band to Procon Resources under the credit agreement, in the amount of approximately CAD 19.6 million, plus professional fees and costs, all obligations owed by Golden Band. The transaction is subject to approval of Court of Queen's Bench For Saskatchewan, approved by the affected creditors and any regulatory approvals necessary. As per the terms of the transaction, Golden Band Resources Inc will be acquired in an asset purchase agreement or share purchase agreement. All existing shares and equity interests in Golden Band will be retracted, cancelled and extinguished and new equity interests in Golden Band will be issued to Procon Resources. As on July 22, 2016, the transaction was approved by creditors. Court of Queen's Bench For Saskatchewan approved the transaction on August 15, 2016. The transaction is expected is expected to close on August 12, 2016. The Bowra Group Inc acted as trustee of Golden Brand. Jeff Lee and Lynn Hnatick of MacPherson Leslie & Tyerman LLP acted as legal advisors to Golden Band Resources. Sean F. Collins and Walker W. MacLeod of McCarthy Tétrault LLP acted as legal advisors to Procon. Ian Sutherland of McDougall Gauley LLP acted as legal advisor to Bowra Group. Deloitte Corporate Finance Inc. acted as financial advisor for Golden Band Resources.