TORONTO, Sept. 16, 2015 /CNW/ - Frontier Rare Earths Limited ("Frontier" or the "Company") (TSX: FRO) (US: FREFF) announces that at a special general meeting of the shareholders of the Company held on September 16, 2015 (the "Meeting"), those disinterested shareholders eligible to vote in connection with the proposed delisting of the Company's ordinary shares (the "Delisting") from the facilities of the Toronto Stock Exchange ("TSX") voted in favour of proceeding with the Delisting. The Delisting was approved by the affirmative vote of 92.02% of the votes cast by disinterested shareholders, present in person or represented by proxy at the Meeting.
Following approval of the Delisting, the board of directors of the Company authorized that an application be made to the TSX to delist the Company's shares. The Delisting will occur at market close on September 30, 2015.
Following the Delisting from the TSX there will no longer be an active market in Canada for the Company's ordinary shares, although a shareholder may seek to trade in the Company's ordinary shares through a broker in Canada provided that a corresponding buyer or seller, as applicable, for such ordinary shares can be found. Frontier's ordinary shares will continue to be tradeable on the US OTC market under the symbol "FREFF".
Further information about the Delisting, including a detailed summary of the reasons for the Delisting, is set out in the Company's management information circular dated August 20, 2015 and the Company's news release dated August 20, 2015, both of which are available on SEDAR at www.sedar.com under Frontier's issuer profile.
About Frontier Rare Earths Limited
Frontier Rare Earths Limited (www.frontierrareearths.com) is a mineral exploration and development company principally focused on the development of the Zandkopsdrift rare earth project, which is located in the Northern Cape Province of South Africa and is one of the largest, highest grade undeveloped rare earth deposits worldwide. Frontier has a direct 64% interest and an 85% economic interest in Zandkopsdrift following the acquisition by its strategic partner, Korea Resources Corporation, of an initial 10% interest in Zandkopsdrift.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Readers can identify many of these statements by looking for words such as "will", "intends", "projects", "anticipates", "estimates", "achieving", or similar words or the negative thereof. Such forward looking information includes, among other things, the ability of the Company to effect the Delisting at market close on September 30, 2015 and the ability of shareholders to successfully carry out trades in the Company's shares between their broker and a corresponding buyer or seller, as applicable, following the Delisting. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, commodity prices, availability of financing for the Company and the Company's ability to raise additional capital, results of feasibility studies, dependence upon regulatory approvals, the estimation of mineral resources and the realization of mineral reserves based on mineral resource estimates and estimated future development, if any, and possible variations of ore grade or recovery rates; the Company development, if any, and possible expectations regarding competition from other producers globally, possible customer and supplier relationships, anticipated trends and challenges in the Company regarding competition; mineral resource estimates and supply outlook and growth opportunities, the future price of and future demand for rare earth elements, title disputes or claims including Black Economic Empowerment initiatives, the timing and possible outcome of pending regulatory and permitting matters and the factors described or referred to under "Description of the Business – Risk Factors" in Frontier's current annual information form filed on SEDAR at www.sedar.com.
Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur. The forward-looking statements contained herein are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Actual results may differ materially from those anticipated. Readers are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Frontier disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable law.
While an objective of the Delisting is to facilitate discussions with potential partners and/or investors at a valuation that the Company considers to be fair, reasonable and in the best interests of all shareholders, by approving the Delisting shareholders will be materially affecting their ability to sell any shares they hold. In addition, there is no assurance that discussions with potential partners and/or investors will conclude successfully, that Frontier will be successful in obtaining the requisite funding for the Zandkopsdrift project, or that the Delisting will result in a transaction, liquidity event(s) or other return for shareholders.
SOURCE Frontier Rare Earths Ltd.
For further information: go to www.frontierrareearths.com or contact: Paul McGuinness, Chief Financial Officer, Tel: +353 1 4966 006; Joe Racanelli, NATIONAL Equicom, 416 586 1943, [email protected]