- Murgor to apply for final order from Court on February 25, 2015
- Arrangement expected to close on March 10, 2015
KINGSTON, ON, Feb. 24, 2015 /CNW/ - Murgor Resources Inc. (TSXV: MGR) is pleased to announce that its securityholders approved a previously-announced arrangement with Alexandria Minerals Corporation (TSXV: AZX; Frankfurt: A9D) at a special meeting of Murgor securityholders held today in Montreal. The Arrangement was approved by 99.78% of the votes cast by the holders of Murgor's common shares and by the holders of Murgor's stock options, voting as a single class. The Arrangement was also approved by a majority of the votes cast by Murgor securityholders, excluding the votes cast by André C. Tessier, the President, Chief Executive Officer and a director of Murgor, and his related parties, as required by applicable Canadian securities legislation.
As previously announced, Murgor will apply to the Québec Superior Court for a final order in respect of the arrangement on February 25, 2015. If the final order is granted by the Court, it is expected that the Arrangement will become effective on Tuesday, March 10, 2015. The shares of Murgor will continue to trade on the TSX Venture Exchange until that time.
The Plan of Arrangement provides that holders of Murgor common shares will receive 0.50 of an Alexandria common share in exchange for each Murgor common share and holders of Murgor stock options who do not exercise such options prior to the effective time of the Arrangement will receive stock options of Alexandria (the "Replacement Alexandria Options") entitling the holder thereof to acquire 0.50 of an Alexandria common share for each Murgor common share the holder would have otherwise been entitled to acquire. The Replacement Alexandria Options will have an exercise price of $0.12 and will expire on the earlier of the expiration date of the Murgor stock options and twelve months following the effective date of the Arrangement.
This press release contains forward-looking statements relating to the Arrangement. Statements based on the current expectations of Murgor's management contain known and unknown inherent risks and uncertainties and no assurance can be given that potential future results or circumstances will be achieved or will occur. In particular, the timing and completion of the proposed Arrangement are subject to certain conditions, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the proposed Arrangement will occur, or that it will occur on the timetable or on the terms and conditions contemplated. The reader should not place undue faith on forward-looking information. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances.
About Murgor Resources
Murgor Resources Inc. is a mineral exploration and development company focused on gold and copper exploration in Canada. Murgor owns a 100% interest in two gold-copper deposits in the Snow Lake and Flin Flon mining districts of Manitoba. Murgor further owns a portfolio of high-potential gold properties in proven mining districts of Canada, such as the Gullrock property and its newly-acquired Wydee Property in Ontario.
Neither 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.
SOURCE Ressources Murgor inc.
Renseignements: Murgor Resources Inc., André C. Tessier, President & CEO, Tel.: (613) 546-7503 or 1-888-891-3330, E-mail: [email protected]