VANCOUVER, Jan. 16, 2012 /CNW/ - Heatherdale Resources Ltd. (TSX‐V: HTR)
("Heatherdale" or the "Company") announced on October 26, 2011 that
Heatherdale and Niblack Mineral Development Inc. ("Niblack") had
entered into an arrangement agreement (the "Arrangement Agreement")
providing for: (i) the acquisition by Heatherdale of all of the shares
of Niblack in exchange for Heatherdale shares, on the basis of 0.50
Heatherdale shares per Niblack share; (ii) the amendment of all Niblack
warrants such that each would entitle the holder thereof to purchase
the number of Heatherdale shares equal to 50% of the number of Niblack
shares subject to such warrant, at an exercise price of C$1.20 in the
case of warrants with an existing exercise price of C$0.45 and C$1.73
in the case of warrants with an existing exercise price of C$0.65; and
(iii) the cancellation of all unexercised Niblack options for
consideration of C$0.01 per option (together, the "Arrangement").
As announced on October 26, 2011, the Arrangement was made subject to
customary closing conditions, including the approval of 66 2/3% of the
votes cast by shareholders, optionholders and warrantholders of
Niblack, each voting separately, and approval of the Arrangement by the
Court of Queen's Bench of Alberta.
On January 11, 2012, the Arrangement was approved by the aforementioned
supermajorities of voting Niblack securityholders. In addition, on
January 12, 2012, the Arrangement was approved by the Court of Queen's
Bench of Alberta.
Under the terms of the Arrangement, the Arrangement will only become
effective on the second business day after all of the conditions to
closing specified in the Arrangement Agreement are satisfied or waived
or such other date as the parties may agree.
Heatherdale and Niblack are currently working to bring about the
satisfaction of all remaining closing conditions.
About Heatherdale Resources Ltd.
Heatherdale Resources Ltd. (TSX‐V: HTR) is a Vancouver‐based exploration
and development company focused on advancing the high‐grade mine
development opportunity at the Niblack project. The Company holds a 60%
interest in the Niblack project. It also holds a 60% interest, with the
option to acquire a 100% interest, in the mid‐stage Delta
copper‐lead‐zinc‐gold‐silver project, located in east‐central Alaska.
Heatherdale is associated with the Hunter Dickinson group, which has a
track record of successful mineral exploration and development projects
around the world.
On behalf of the Board of Directors,
President & CEO
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.
This release includes certain statements that may be deemed
"forward‐looking statements". All statements in this release, other
than statements of historical facts are forward‐looking statements.
Although the Company believes the expectations expressed in such
forward‐looking statements are based on reasonable assumptions, such
statements are not guarantees of future events or performance and
actual results or developments may differ materially from those in the
forward‐looking statements. Factors that could cause actual results to
differ materially from those in forward‐looking statements include
market prices, exploitation and exploration successes, continuity of
mineralization, potential environmental issues and liabilities
associated with exploration, development and mining activities,
uncertainties related to the ability to obtain necessary permits,
licenses and title and delays due to third party opposition, changes in
government policies regarding mining and natural resource exploration
and exploitation, continued availability of capital and financing,
general economic, market or business conditions and any failure to
satisfy all of the conditions to the closing of the Arrangement
described hereinabove. Investors are cautioned that any such statements
are not guarantees of future events or performance and actual results
or developments may differ materially from those projected in the
forward‐looking statements. For more information on the Company,
investors should review the Company's continuous disclosure filings
that are available at www.sedar.com.
SOURCE Heatherdale Resources Ltd.
For further information:
please visit the company website at www.heatherdaleresources.com or contact Investor Services at (604) 684‐6365 or within North America at 1‐800‐667‐2114