TORONTO, June 10 /CNW/ - Frontera Copper Corporation ("Frontera" or the "Corporation") (TSX: FCC.NT) (TSX: FCC.NT.A) is pleased to announce that it has received today a Final Order from the Ontario Superior Court of Justice (the "Court") approving the Corporation's previously announced plan of arrangement pursuant to the Canada Business Corporations Act (the "Arrangement"), under which all of the Corporation's 10% Senior Unsecured Notes due June 15, 2010 and its 10% Senior Unsecured Notes due March 15, 2011 (together, the "Existing Notes") will be exchanged for new guaranteed senior secured Notes pursuant to elections made by holders of the Existing Notes (the "Noteholders") in accordance with the terms of the Arrangement (the "Recapitalization").
The Arrangement also received overwhelming approval from Noteholders at the special meeting of Noteholders held on June 7, 2010 to approve the Arrangement (the "Special Meeting"). As previously announced, the Arrangement was required to be approved by the affirmative vote of at least 66 2/3% of the votes cast by Noteholders present in person or by proxy at the Special Meeting. The Arrangement was approved by the affirmative vote of 100% of the votes cast by Noteholders present in person or by proxy at the Special Meeting, such Noteholders holding approximately 90.26% of the outstanding principal amount of the Existing Notes.
Based on the receipt of the foregoing required approvals, the Corporation intends to proceed to complete the Recapitalization on June 14, 2010.
Cautionary Statement on Forward Looking Information
Information in this news release that is not current or historical factual information may constitute forward-looking information or statements within the meaning of applicable securities laws. Such information includes, without limitation, the Corporation's intentions and plans in respect of the nature and timing of the Recapitalization and its anticipated implementation schedule. There is no certainty that subsequent events will not cause material changes in these plans and intentions.
SOURCE Frontera Copper Corporation
For further information: For further information: Mark Distler, CFO at (480) 477-6789