TORONTO, March 27,
2024 /CNW/ - Orford Mining Corporation (TSXV:
ORM) ("Orford" or
the "Company") is pleased to announce that at its
special shareholder meeting held today (the "Meeting"),
Orford obtained the requisite
shareholder approval of its previously announced proposed plan of
arrangement pursuant to which Alamos Gold Inc. (TSX: AGI, NYSE:
AGI) ("Alamos") will acquire all of the outstanding common
shares of Orford ("Orford Shares") not already owned by
Alamos (the "Arrangement"). For further details of the
Arrangement, please refer to the Company's press releases dated
January 15, 2024 and March 20, 2024, and the management information
circular of the Company dated February 23,
2024, in respect of the Meeting, each available on SEDAR+
under Orford's profile at
www.sedarplus.com.
Completion of the Arrangement is subject to the receipt of the
final order of the Ontario Superior Court of Justice (Commercial
List) (the "Court"), which is expected to be sought on
April 2, 2024. In addition,
certain closing conditions customary for transactions of this
nature are required to be satisfied in order for the Arrangement to
occur. Provided the approval of the Court is granted and all
other closing conditions are satisfied or waived, the Company
expects the Arrangement to be completed on April 3, 2024, at which time the Company will
apply to have its common shares delisted from the TSX Venture
Exchange and cease to be a reporting issuer.
Additionally, Orford
shareholders approved the entry by Orford into a non-convertible multi-draw
credit facility or loan, applicable if the Arrangement does not
close by April 15, 2024 whereby
Alamos may provide to Orford an
amount up to C$2 million, in the
aggregate for the purpose of funding Orford's normal course business
activities.
About Orford Mining
Orford Mining is a gold and critical mineral explorer focused on
highly prospective and underexplored areas of Northern Quebec. Orford's principal assets are the Qiqavik,
West Raglan and lithium exploration projects comprising a land
package totaling over 168,336 hectares in the Cape Smith Belt of
Northern Quebec. The Qiqavik
Project hosts several new high-grade gold discoveries along a
mineralized trend in excess of 40 km. The West Raglan Project hosts
a number of high-grade Raglan-style nickel/copper/platinum group
metal discoveries along a 55 km mineralized trend. In early 2023
Orford acquired large claim blocks targeting Lithium in the Nunavik
Region. These Lithium claim blocks have been carefully selected as
having promising lithium potential after an exhaustive compilation
of available data. The first field season of exploration on
the lithium focused properties returned positive results.
Orford also has four property
positions in the Joutel region of the Abitibi District of
Northern Quebec, which hosts
historical deposits such as the Eagle/Telbel, Joutel Copper,
Poirier Copper, and Vezza deposits.
Orford continually seeks new gold
exploration opportunities in North
America. Orford's common
shares trade on the TSX Venture Exchange under the symbol ORM. This
information from neighbouring properties is not necessarily
indicative of the mineralization on Orford Mining's properties.
To view further details about Orford's exploration
projects please visit Orford's website,
www.orfordmining.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Concerning Forward-Looking
Statements
This news release contains "forward-looking
information" as defined under applicable securities laws. Such
forward-looking statements include, but are not limited to,
statements relating to: the completion of the Transaction and the
Arrangement as proposed to be effected pursuant to the Agreement;
the ability of the parties to satisfy the conditions to closing of
the Arrangement; the anticipated timing of the completion of the
Arrangement, and statements relating to Orford's
liquidity and capital resources and potential of one or more of Orford's
mineral exploration properties.
Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
Orford to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. These factors include, among others, obtaining required
court and regulatory approvals, exercise of any termination rights
under the Agreement, meeting other conditions in the Agreement,
material adverse effects on the business, properties and assets of
Orford, and whether any superior
proposal will be made. completion of the Transaction, and, in
respect of statements concerning Orford's liquidity, capital resources and
potential of Orford's mineral
exploration properties, future prices and the supply of
metals; the results of drilling; inability to raise the money
necessary to incur the expenditures required to retain and advance
the properties; environmental liabilities (known and unknown);
general business, economic, competitive, political and social
uncertainties; accidents, labour disputes and other risks of the
mining industry; political instability, terrorism, insurrection or
war; or delays in obtaining governmental approvals, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Orford's filings with Canadian securities regulators available on SEDAR+ at www.sedarplus.com.
Although
Orford has attempted to identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward- looking statements contained
herein are made as of the date of this news release and Orford disclaims
any obligation to update any forward-looking statements, whether as a result of new information, future
events or results or otherwise, except as required by
applicable securities laws.
SOURCE Orford Mining Corporation