Viscount Mining Ltd. signed a letter of intent to acquire CT Developers Ltd. (TSXV:DEV.P) in a reverse merger transaction on May 18, 2012. Under the terms of the agreement, CT Developers will issue approximately 14.94 million shares for all the shares of Viscount. Upon completion of the proposed transaction, the business of Viscount will become the business of CT Developers. In connection with the proposed transaction, CT Developers will change its name to one acceptable to Viscount and to applicable regulatory authorities and will be seeking the approval of its shareholders for such name change. All but one of the present directors and officers of CT will resign in favour of James Mackenzie, Andrew Gertler, Andrew McCreath, Kaare Foy and William Macdonald.

Upon the execution of the Letter of Intent, the shares of CT were halted and it is expected that they will remain halted until completion of the qualifying transaction. Upon completion of the proposed transaction, the resulting issuer will be listed as a Tier 2 mining issuer on the exchange. The transaction shares will be subject to resale restrictions as required under the applicable securities legislation and the exchange and will also be subject to escrow restrictions as required by the exchange. The transaction is not expected to require the approval of CT shareholders. The transaction is subject to execution of a definitive share exchange agreement, completion of satisfactory due diligence, receipt of applicable regulatory approvals and completion of the concurrent financing through private placement of shares. A definitive share exchange agreement was executed on June 15, 2012. The transaction is subject to TSXV approval. Pursuant to the terms of the share exchange agreement, CT Developers will acquire all of the issued and outstanding shares of Viscount on a one-for-one basis in exchange for common shares of CT Developers. Computershare Investor Services Inc acted as transfer agent for CT Developer. D+H Group LLP acted as auditor for CT Developer.

Viscount Mining Ltd. cancelled the acquisition of CT Developers Ltd. (TSXV:DEV.P) in a reverse merger transaction on January 4, 2013. The share exchange agreement with Viscount and its shareholders was renewed several times in the intervening period; however, it again expired on December 15, 2012. After a period of careful consideration, the Board of Directors of CT determined that the transaction with Viscount would not be renewed and proceeded.