Creston Shareholders Overwhelmingly Approve Business Combination with Mercator
15 June 2011 - 7:19AM
Marketwired
Creston Moly Corp. (TSX VENTURE: CMS) ("Creston") and Mercator
Minerals Ltd. (TSX: ML) ("Mercator") are pleased to announce that
the shareholders of Creston have voted overwhelmingly in favour of
the previously announced friendly business combination, by way of
Plan of Arrangement (the "Arrangement") with Mercator at its
Special Meeting of Shareholders held on June 14, 2011.
"The combination of Mercator and Creston will create a strong
copper-moly company, combining an operating mine with a large
resource base with excellent prospects for internal growth through
the completion of the second phase of expansion at Mineral Park,
the development of the El Pilar copper project and the El Creston
molybdenum project," said Bruce McLeod, President and CEO of
Creston. "Management believes that the new company is well
positioned to become a strong intermediate base metals
producer."
"Mercator is very pleased to have the support of Creston's
shareholders in pursuit of this business combination. We look
forward to working with Creston's team to maximize the value of
Mineral Park, El Pilar and El Creston," said Michael Surratt, CEO
of Mercator.
A special resolution approving the Plan of Arrangement (the
"Arrangement Resolution") was passed by Creston's shareholders
present in person and by proxy at the Meeting. A total of
176,668,360 shares voted (excluding shares held by Bruce McLeod,
who will become the new President & CEO of Mercator
post-arrangement), representing 63.3% of the total eligible votes.
Specifically, 99.3% of the votes cast in respect of the Arrangement
Resolution voted in favour of the transaction.
Subject to obtaining the approval of the Supreme Court of
British Columbia and the satisfaction of certain other closing
conditions, the Arrangement is expected to close on or around June
22, 2011.
On Behalf of the Board of Directors
CRESTON MOLY CORP.
D. Bruce McLeod, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and Creston does not intend, and does not assume any obligation, to
update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect Creston management's expectations or
beliefs regarding future events and include, but are not limited
to, statements with respect to the completion of the private
placement and related matters. In certain cases, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative of these terms or comparable terminology.
By their very nature forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of Creston to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others, risks related to
actual results of current exploration activities; changes in
project parameters as plans continue to be refined; future prices
of resources; possible variations in ore reserves, grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; as well as those factors detailed from time to time in
Creston's interim and annual financial statements and management's
discussion and analysis of those statements, all of which are filed
and available for review on SEDAR at www.sedar.com. Although
Creston 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 not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking 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 the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Creston Moly Corp. Mr. Bruce McLeod President &
CEO 604-687-7545 or (888)338-2200 (TOLL FREE) Creston Moly Corp.
Chris Curran Investor Relations 604-687-7545 or (888)338-2200 (TOLL
FREE) 604-689-5041 (FAX) Creston Moly Corp. Ken MacDonald
604-694-0005 604-689-5041 (FAX) www.crestonmoly.com
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