Orex and Astral Announce Final Court Order Approving Arrangement
06 February 2013 - 8:32AM
Marketwired Canada
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Orex Minerals Inc. (TSX VENTURE:REX) ("Orex") and Astral Mining Corporation (TSX
VENTURE:AA) ("Astral") announce that further to their joint news release of
October 15, 2012 and subsequent news releases, on February 5, 2013, the Supreme
Court of British Columbia granted its final order approving the acquisition of
all the issued and outstanding common shares of Astral by Orex by way of a plan
of arrangement (the "Arrangement"). At Astral's annual general and special
meeting held on January 31, 2013, shareholders of Astral approved the
Arrangement.
On the closing date of the Arrangement, Orex will issue to Astral's shareholders
0.0834 of an Orex common share for each issued and outstanding common share of
Astral held by an Astral shareholder (the "Exchange Ratio"). The holders of
Astral warrants and options outstanding on the closing date of the Arrangement
will, upon exercise, be entitled to receive that number of Orex shares adjusted
in accordance with the Exchange Ratio and the terms and conditions of the
warrants and options. For details of the Arrangement, please refer to Astral's
information circular dated December 13, 2012 previously sent to shareholders and
available on SEDAR at www.sedar.com.
Subject to final acceptance of TSX Venture Exchange (the "Exchange"), the
closing of the Arrangement will occur on February 12, 2013. The ex-distribution
date related to trading of Astral's common shares on the Exchange will be
February 8, 2013. The common shares of Astral will be halted from trading on the
Exchange after the close of the market on February 11, 2012 and will be
de-listed from the Exchange following closing of the Arrangement.
About Orex Minerals Inc.
Orex Minerals Inc. (TSX VENTURE:REX) is a Canadian-based junior exploration
company with two very distinctive precious metals plays in its portfolio: the
Barsele Gold Project (Sweden) and the Coneto Silver-Gold Project (Durango,
Mexico). Please refer to www.orexminerals.com for additional information.
About Astral Mining Corporation.
Astral Mining Corporation (TSX VENTURE:AA) is a Canadian company engaged in the
exploration and development of precious metal properties in the Americas. By
focusing on exploration in mining-friendly districts, Astral minimizes the
political and social risks encountered in many other parts of the world. Please
refer to www.astralmining.com for additional information.
ON BEHALF OF THE BOARDS:
Mr. Gary Cope, President & CEO, Orex Minerals Inc.
Mr. Manfred Kurschner, President & CEO, Astral Mining Corporation
Cautionary Note to US Investors: This news release may contain information about
adjacent properties on which we have no right to explore or mine. We advise U.S.
investors that the SEC's mining guidelines strictly prohibit information of this
type in documents filed with the SEC. U.S. investors are cautioned that mineral
deposits on adjacent properties are not indicative of mineral deposits on our
properties.
Forward-Looking Information
This news release contains "forward-looking statements" including but not
limited to statements with respect to Orex and Astral's plans, the estimation of
mineral reserves and the success of exploration activities. Forward-looking
statements, while based on management's best estimates and assumptions, are
subject to risks and uncertainties that may cause actual results to be
materially different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to the successful
integration of acquisitions; risks related to international operations; risks
related to general economic conditions and credit availability, actual results
of current exploration activities, fluctuations in foreign currency exchange
rates, possible variations in ore reserves or grade; failure of plant, equipment
or processes to operate as anticipated; accidents, labour disputes, title
disputes, claims and limitations on insurance coverage and other risks of the
mining industry; changes in national and local government regulation of mining
operations, tax rules and regulations; and political and economic developments
in countries in which Orex and Astral operate. Although Orex and Astral have
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Neither Astral nor Orex undertake any
responsibility to update forward-looking statements, except as required by law.
Orex (TSX VENTURE:REX) Shares outstanding 44,562,479
Astral (TSX VENTURE:AA) Shares outstanding 24,985,554
FOR FURTHER INFORMATION PLEASE CONTACT:
Astral Mining Corporation
Manfred Kurschner
President & CEO
(604) 961-8881
mkurschner@astralmining.com
(this e-mail address is being
protected from spambots - you
need JavaScript enabled to
view it)
www.astralmining.com
Orex Minerals Inc.
Ross Wilmot
CFO
(604) 687-8566
info@orexminerals.com
www.orexminerals.com
Alba Minerals (TSXV:AA)
Historical Stock Chart
From Nov 2024 to Dec 2024
Alba Minerals (TSXV:AA)
Historical Stock Chart
From Dec 2023 to Dec 2024
Real-Time news about Alba Minerals Ltd (TSX Venture Exchange): 0 recent articles
More Astral Mining Corporation News Articles