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VANCOUVER, June 1, 2018 /CNW/ - Pacific Topaz Resources Ltd. ("Pacific" or the "Company") (TSXV: PPZ.H), is pleased to announce that it has received conditional approval of the TSX Venture Exchange for its business combination (the "Transaction") with Western Atlas Resources Inc. ("Western Atlas") details of which are set forth in the Company's news releases of March 16, 2018 and March 27, 2018 and in the Company's Filing Statement dated May 29, 2018. Copies of the news releases and Filing Statement are available under the Company's profile on SEDAR (www.sedar.com). Closing of the Transaction is expected to occur on or before June 15, 2018.
Western Atlas Exploration Program
Western Atlas undertook a winter program on the Meadowbank project area in February and May, 2018 with the organization of all the logistics necessary to execute on the 2018 Summer Exploration Program which will start in June and continue until late September.
Highlights of the 2018 Meadowbank Exploration Program
- Over 1,500 line-kms of helicopter-borne geophysical survey (VTEM)
- Ground induced polarization (IP) survey. The IP survey would be carried out using a 25m or 50m a-spacing
- Multi-crew ground surveys of prospecting, geological and structural mapping, rock and till sampling
- Expected shallow Rotary Air Blast ("RAB") drilling on specific target areas within Block B.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the terms and conditions of the proposed Transaction; the Company's objectives, goals or future plans; the receipt of the requisite approvals with respect to the Transaction and the business and operations of the Company following the completion of the Transaction. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in Pacific's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although Pacific believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Pacific and WA disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Completion of the Transaction is subject to a number of conditions, including but not limited to Exchange acceptance and shareholder approval. The Transaction cannot close until the required shareholder approval is obtained. 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 Filing Statement 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 Pacific should be considered highly speculative.
The 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.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility of the adequacy or accuracy of this release.
SOURCE Pacific Topaz Resources Ltd.
For further information: please contact: Michael Kennedy, Chief Executive Officer, Phone: (604) 609-6110