Trading Symbol: RRO - TSX-V Trading Symbol: BUV - TSX-V
Shares Outstanding: 73,681,909 Shares Outstanding: 33,694,557
HALIFAX, July 23 /CNW/ - Buchans River Ltd. (BUV-TSX-V) ("Buchans River")
and Royal Roads Corp. (RRO-TSX-V) ("Royal Roads") are pleased to announce that
the shareholders of Buchans River approved the plan of arrangement (the
"Arrangement") between Buchans River and Royal Roads at a special meeting (the
"Meeting") of Buchans River shareholders held earlier today in Halifax. 65.5%
of the issued and outstanding shares of Buchans River were represented at the
Meeting, in person or by proxy. The resolution approving the Arrangement was
approved by 98.88% of the votes cast at the meeting and was also approved by
98.11% of the votes cast by "minority" Buchans River shareholders. The
transaction remains subject to the approval of the Supreme Court of Nova
Scotia at a hearing to be held tomorrow and to other regulatory approval.
Under the Arrangement, Buchans River shareholders will receive
1.55 common shares of Royal Roads in exchange for each common share of Buchans
River they own on the effective date of the Arrangement ("Effective Date"). In
addition, all warrants and stock options of Buchans River outstanding on the
Effective Date will be exchanged for economically equivalent warrants and
options of Royal Roads, based upon the same exchange ratio. Assuming all
required approvals are obtained, the Effective Date is anticipated to occur in
late July. Further details concerning the Arrangement can be found in the
Information Circular dated June 10, 2008 available on SEDAR (www.sedar.com).
About Royal Roads and Buchans River
Royal Roads is a resource company based in Halifax, Nova Scotia, Canada
and is focused on exploring and developing base metal properties in central
Newfoundland and Labrador, Canada. Buchans River, its 26.39% owned subsidiary,
is also based in Halifax, Nova Scotia, Canada and is focused on exploring and
developing base metal properties in the famous Buchans mining camp in central
Newfoundland and Labrador, Canada. Together, Royal Roads and Buchans River
control a total of 33,700 hectares within central Newfoundland and Labrador's
Victoria Lake and Buchans mining camps, including the historic Buchans mine
(owned by Buchans River) and the Daniels Pond deposit (owned by Royal Roads).
Buchans River also controls several exploration properties outside of the
Buchans camp, including several under joint venture to Prominex Resource Corp.
(PXR - TSX-V) and Playfair Mining Ltd. (PLY - TSX-V), which are being actively
explored. Royal Roads is 44.40% controlled by Acadian Mining Corp., a Halifax
based resource company developing gold and base metal properties, including
the Scotia Mine (lead and zinc) in Nova Scotia.
Forward Looking Statements
Certain information regarding the Royal Roads and Buchans River contained
herein may constitute forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although Royal Roads and Buchans
River believe that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to have been correct. Both companies caution that actual
performance will be affected by a number of factors, many of which are beyond
Royal Roads and/or Buchans River's control, and that future events and results
may vary substantially from what both companies currently foresee. Royal Roads
and Buchans River's forward-looking statements are expressly qualified in
their entirety by this cautionary statement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: about Royal Roads or Buchans River, please
contact: Warren G. MacLeod, President & CEO, Royal Roads and Buchans River;
David Felderhof, Vice-President, Royal Roads and Buchans River, (902)