TORONTO, Aug. 23, 2019 /CNW/ - Sable Resources Ltd. (the
"Company") (TSX Venture: SAE) announces that it has
completed the distribution of 29,937,618 common shares of Talisker
Resources Ltd. (CSE: TSK) (the "Talisker Shares") to
shareholders of the Company. The distribution of the Talisker
Shares was effected as a reduction in the stated capital of the
common shares of the Company (the "Return of
Capital"). The Return of Capital was approved by
shareholders of the Company at the annual general and special
meeting held on June 26, 2019 (the
"Meeting") and the distribution was completed to
shareholders of record as at the close of business of July 8,
2019 (the "Record Date").
The Company previously received the Talisker Shares in
consideration for the assignment of certain mineral resource
properties located in the Province of British Columbia on April 18, 2019. It was a condition to
completion of the assignment that the Company arrange for the
distribution of the majority of the Talisker Shares. Prior to
completion of the Return of Capital, the Company held 30,000,000
Talisker Share, received in consideration for the assignment of the
mineral properties. Following completion of the Return of
Capital, the Company continues to hold 62,382 Talisker Shares,
presenting approximately 0.1% of the issued and outstanding
Talisker Shares. The Company intends to hold the remaining
Talisker Shares for investment purposes, and does not have any
further plans with respect to the acquisition or disposition of
further Talisker Shares. A copy of the early warning report
filed by the Company in connection with the Return of Capital is
available for review under the profile for Talisker Resources Ltd.
on SEDAR (www.sedar.com), or by contacting Tom Obradovich, President and Chief Executive
Officer of the Company, at (416) 985-7140 or
tobradovich@sympatico.ca.
The Talisker Shares have not, and will not, be registered under
the United States Securities
Act of 1933, as amended. Shareholders of the Company who
are resident in the United States,
or who are otherwise subject to the applicable securities laws of
the United States, are eligible to
participate in the Return of Capital, subject to them qualifying
for an exemption from the registration requirements of the United States Securities Act of
1933, as amended. Shareholders of the Company, who are
resident in the United States and
have not confirmed eligibility to participate in the Return of
Capital, are still invited to contact the Company as they may be
entitled to financial compensation by way of a cash payment
equivalent to the market value of the Talisker Shares they would
otherwise have been entitled to receive.
No fractional interests in Talisker Shares will be distributed
in connection with the Return of Capital, and any such interests
will be rounded down to the nearest whole Talisker Share. To
reduce administrative expenses associated with the Return of
Capital, the Company has elected not to distribute Talisker Shares
to shareholders of record holding less than 1,000 common shares of
the Company as of the record date. Any shareholders of record
impacted by this election are also invited to contact the Company
as they may be entitled to financial compensation by way of a cash
payment equivalent to the market value of the Talisker Shares they
would otherwise have been entitled to receive. Shareholders
who hold their common shares of the Company through a brokerage
account, will still be entitled to receive Talisker Shares, even if
their holdings do not exceed 1,000 common shares of the Company as
of the Record Date.
Shareholders do not need to take any action with respect to the
Return of Capital. The Talisker Shares will automatically be
delivered to eligible shareholders of record as of the Record
Date.
For further information regarding the Return of Capital, readers
are encouraged to review the management information circular
prepared for the Meeting, a copy of which is available under the
profile for the Company on SEDAR (www.sedar.com).
Shareholders are encouraged to consult with their financial, legal,
tax and/or investment advisors regarding matters pertaining to the
Return of Capital, the distribution of the Talisker Shares, and the
tax consequences associated therewith.
About Sable Resources Ltd.
Sable Resources Ltd. is a well-funded junior grassroots explorer
focused on the discovery of new precious metal projects through
systematic exploration in endowed terrains located in favourable,
established mining jurisdictions. Sables' main focus is developing
its large portfolio of new greenfields projects to resource stage
utilizing their Upper Level Epithermal Strategy. Sable is actively
exploring the San Juan Regional Program (35,000ha) incorporating
the Don Julio Project in San Juan Province, Argentina, the Mexico Regional Program
(1.16Mha in application, 39,000ha titled), incorporating the
Margarita, Vinata and El Escarpe drill ready projects.
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. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. In particular, this
release contains forward-looking information relating to, among
other things, completion of the distribution of the Talisker Shares
and the entitlement of certain shareholders to financial
compensation. Various assumptions or factors are typically applied
in drawing conclusions or making the forecasts or projections set
out in forward-looking information. Those assumptions and factors
are based on information currently available to the Company.
Although such statements are based on reasonable assumptions of
management, there can be no assurance that any conclusions or
forecasts will prove to be accurate.
The forward-looking information contained in this release is
made as of the date hereof, and the Company is not obligated to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
SOURCE Sable Resources Ltd.