TORONTO, Oct. 14 /CNW/ - Trinorth Capital Inc. (TSXV:TRT) ("Trinorth") is pleased to announce that the shareholders of Nyah Resources (TSXV:NRU) ("Nyah") have approved the proposed reverse take-over (the "Transaction") of Russo-Forest Corporation ("Russo-Forest"), a portfolio holding of Trinorth.
At an annual and special meeting held on October 8, 2009, disinterested shareholders voted with more than 99% of the votes cast being voted FOR the Transaction. Completion of the Transaction remains subject to the required regulatory approvals, including the approval of the TSX Venture Exchange. Nyah announced today that it plans to close the Transaction in the coming weeks. The combined company will be renamed Russo-Forest Corp. with the common shares to be traded on the TSX Venture Exchange under the symbol "SAW". Subsequent to the proposed Transaction, Trinorth will hold approximately 27.6% of the outstanding common shares of Nyah.
Trinorth was a founding investor of Russo-Forest in 2007. Russo-Forest has rights to harvest timberland in Russia and its goal is to become a leading, vertically-integrated, certified supplier of value added wood products in Russia. Russo-Forest is capitalizing on the opportunity to harvest high value, low cost Russian timber, by converting the timber into value added wood products that will supply end use markets in Russia, China, Japan, Europe and North America.
Russo-Forest is working to acquire lease agreements that provide for up to approximately 10,000,000 m3 of additional allowable cut in the eastern regions of Russia. In the event that it successfully obtains such additional lease agreements, Russo-Forest will be one of the largest timberland holders in the world.
TriNorth is a Canadian-based investment company that invests in a diversified portfolio of companies to generate long-term capital growth for shareholders. TriNorth takes an active interest in its investee companies from the earliest stages, providing strategic and financial counsel, support and direction to assist in their growth and success. TriNorth's investment strategy includes structuring and initiating deals focused on particular resources, themes or regions as well as launching the development of businesses in select industries by providing assistance with the hiring of management teams, providing seed capital and facilitating IPOs. All investment activities of TriNorth are managed by Lawrence Asset Management Inc, a leading Canadian alternative investment asset manager.
Amar Bhalla is a director of Nyah, currently holds 1,000,000 common shares of Nyah and is also a director of Trinorth and has control or direction over 850,000 common shares and 338,914 options of Trinorth.
Nyah is a Canadian mineral exploration company listed on the TSX Venture Exchange under the symbol NRU. The Company currently has cash on hand of approximately $1.5 million. For further information regarding Nyah please visit the Company's website at www.nyahresources.com.
Completion of the Transaction is subject to a number of conditions, including TSX Venture Exchange acceptance. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed at all.
Investors are cautioned that, except as disclosed in the Management Information Circular 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 Nyah should be considered highly speculative.
Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding the stated use of proceeds; plan of operations and comparative advantages; and benefits of this investment. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, regulatory risks, risks inherent in foreign operations, commodity prices, competition, and investments having no history of operations. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither the 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 TriNorth Capital Inc.
For further information: For further information: (416) 362-6283, Catherine Stretch, Lawrence Asset Management Inc., Toronto, Canada, firstname.lastname@example.org, www.trinorthcapital.com