VANCOUVER, July 16, 2015 /CNW/ - Tapango Resources Ltd. ("Tapango or "The Company") (NEX: TPA.H) is pleased to announce that at the special meeting of shareholders held on July 15, 2015, the shareholders adopted a special resolution approving the arrangement of Tapango (the "Arrangement"), which forms part of the business combination (the "Transaction") between Palo Duro Energy Inc. (NEX: PDE.H) ("Palo Duro") and CarbonOne Technologies Inc. ("CarbonOne"). The resolution was passed by 100% of the votes cast by shareholders present or represented by proxy at the meeting. As required under TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Tapango also received minority shareholder approval for the Arrangement (more than 50% of the common shares of Tapango held by minority shareholders having been voted in favour). Tapango will be making an application to the Supreme Court of British Columbia on July 17, 2015 for a final order approving the Arrangement.
Closing of the Transaction is subject to, among other things, stock exchange and court approvals. In addition, the closing of the Transaction is subject to the completion of a minimum $1,250,000 private placement.
Information regarding the Transaction and Tapango is available in the joint management information circular prepared by Tapango, Palo Duro and CarbonOne in connection with the special meeting, which is available at www.sedar.com.
Trading in Tapango's shares is currently halted and the halt is expected to remain in place until the closing of the Transaction. Upon completion of the Transaction, Tapango's shares will be delisted from the NEX Board of the TSX-V.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Completion of the Transaction is subject to a number of conditions, including Exchange acceptance and final court approval. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the joint management information circular prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release .
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The Company cautions the reader that there is no guarantee that any of the potential outcomes of the Transaction will actually occur or be finalized. Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the completion of the Transaction. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "is expected to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary approvals, the ability to conclude the Transaction, and the trading halt and delisting of the Company's shares. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, 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 and forward looking information. The Company undertakes to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Tapango Resources Ltd.
For further information: Geir Liland, President and Director, Tapango Resources Ltd., Suite 3123, 595 Burrard Street, Vancouver, B.C. V7X 1J1, Tel: (604) 609-6110