Trading Symbol: TSXV: BMC
Shares Outstanding: 166,283,160
WINDSOR, NS, June 28, 2013 /CNW/ - Buchans Minerals Corporation (TSXV: BMC) ("Buchans Minerals" or the "Company") is pleased to announce that, at the annual and special meeting (the "Meeting") of Buchans Minerals shareholders ("Shareholders") held today, the Shareholders approved the previously announced plan
of arrangement ("Arrangement") pursuant to which, among other things, (i) Minco plc ("Minco") will acquire all of the issued and outstanding common shares of
Buchans Minerals ("Buchans Shares") that Minco does not already own in exchange for ordinary shares of
Minco ("Minco Shares") on the basis of 0.826 of a Minco Share for each Buchans Share, and
(ii) Buchans will amalgamate with 8501297 Canada Inc., with the
amalgamated company being a wholly-owned subsidiary of Minco.
The Arrangement remains subject to, among other things, the final
approval of the Supreme Court of Nova Scotia. The hearing for the final
order of the Court to approve the Arrangement is scheduled to occur on
July 2, 2013 and the effective date of the Arrangement is expected to
be on or about July 15, 2013. Once the effective date of the
Arrangement is determined, a further news release will be issued.
Further information on the Arrangement is set out in Buchans Minerals'
management information circular dated May 29, 2013, which is available
on SEDAR at www.sedar.com.
At the Meeting, the Shareholders also approved the re-appointment of
Wasserman Ramsay, Chartered Accountants, as auditor of the Company,
re-approved the Company's incentive stock option plan and re-elected
the current directors of the Company, namely Warren MacLeod, Paul
Moore, Ed Merringer, Steven Poad, Daniel Burneski, Andrew Forrest and
Nominees to Minco Board
The Company is pleased to announce that it has designated Warren MacLeod
and Donald MacLeod as its nominees to the board of directors of Minco
pursuant to the terms of the arrangement agreement dated April 26, 2013
in respect of the Arrangement, subject to the approval of Minco and its
nominated adviser under the rules of the Alternative Investment Market
of the London Stock Exchange.
About Buchans Minerals
Buchans Minerals is an Atlantic Canada based resource company that has
three main assets that include its 100% owned base metal properties
near Buchans in central Newfoundland (optioned to Minco), its 100%
owned manganese property located near Woodstock in New Brunswick
(optioned to Minco) and its 50% owned gold and copper Long Range
Property in central Newfoundland.
About Minco plc
Minco is registered in the Republic of Ireland and listed on the
Alternative Investment Market of the London Stock Exchange under the
symbol "MIO". Minco is an exploration and development company currently
engaged in zinc-lead exploration in the United Kingdom, Ireland and in
evaluating the Buchans Minerals base metal and manganese project in
eastern Canada. Minco also holds investments in zinc-silver projects in
Mexico through a holding of 30 million shares (approximately 29%) in
Xtierra Inc. listed on the TSX Venture Exchange (TSXV:XAG).
Forward Looking Statements & Disclaimer
This news release may contain "forward-looking information", as defined
in applicable securities laws. Forward-looking information typically
contains statements that relate to future, not past, events. In this
context, forward-looking information often addresses expected future
business and financial performance, and may contain words such as
"anticipate", "believe", "plan", "estimate", "expect", and "intend",
statements that an action or event "may", "might", "could", "should",
or "will" be taken or occur, or other similar expressions. All
statements, other than statements of historical fact, included herein
including, without limitation, relating to the successful completion of
the Arrangement, constitute forward-looking information.
Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but which
may prove to be incorrect, including, but not limited to, assumptions
in connection with the ability of Buchans Minerals and Minco to
complete the Arrangement in accordance with the terms and conditions of
the Arrangement Agreement and the accuracy of management's assessment
of the effects of the completion of the Arrangement. Forward-looking
information involves known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others, risks
associated with the Arrangement, including risks relating to the
failure to obtain the required court or regulatory approvals, and the
additional risks identified the management's discussion and analysis
section of Buchans Minerals' interim and annual financial statements or
other reports and filings with the TSX Venture Exchange (the "Exchange") and applicable securities regulators, including the management
information circular of Buchans Minerals dated May 29, 2013.
Forward-looking information in this release is based on management's
beliefs, estimates and opinions on the date of this release and Buchans
Minerals undertakes no obligation to update forward-looking information
contained in this release if these beliefs, estimates and opinions or
other circumstances should change, except as required by applicable
securities laws. Investors are cautioned against attributing undue
certainty to forward-looking information.
Neither the Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the Exchange) accepts responsibility for
the adequacy or accuracy of this release, and no securities regulatory
authority has either approved or disapproved of the contents of this
SOURCE: BUCHANS MINERALS CORP.
For further information:
Buchans Minerals Corporation.
Warren MacLeod, President & CEO
Ph: (902) 472-3520
Windsor, Nova Scotia