International Royalty Obtains Interim Order For Plan Of Arrangement With Royal Gold
19 Enero 2010 - 7:00AM
PR Newswire (US)
NYSE-A: ROY TSX: IRC DENVER, CO, Jan. 19 /PRNewswire-FirstCall/ --
International Royalty Corporation (NYSE-A:ROY, TSX: IRC) ("IRC")
obtained on January 14, 2010, an interim order from the Ontario
Superior Court of Justice (Commercial List) with respect to IRC's
previously announced plan of arrangement (the "Arrangement") with
Royal Gold, Inc. ("Royal Gold"). Pursuant to the Arrangement, each
holder of IRC common shares will have the right to elect to
receive, in exchange for each IRC share, up to either C$7.45 in
cash or 0.1385 common shares of Royal Gold or a combination
thereof, subject to a maximum of US$350 million in cash and a
maximum of 7.75 million common shares of Royal Gold. If IRC
shareholders elect to receive more than approximately US$314
million in cash, the number of Royal Gold common shares issued will
be reduced on a pro-rated basis until such cash election reaches a
maximum of US$350 million. Assuming the maximum share election,
this offer consists of 0.0771 common shares of Royal Gold plus
US$3.12 in cash for each fully diluted share of IRC, implying 56%
stock consideration. Assuming the maximum cash election, this offer
consists of 0.0700 common shares of Royal Gold plus US$3.48 in cash
for each fully diluted share of IRC, implying 51% stock
consideration. IRC shareholders who are Canadian residents will
also have the option to elect to receive up to 0.1385 exchangeable
shares of a wholly-owned Canadian subsidiary of Royal Gold in lieu
of electing Royal Gold common shares. This option allows Canadian
residents to defer income taxes on the transaction. Each
exchangeable share can be redeemed for one common share of Royal
Gold at the election of the shareholder. No more than 7,750,000
Royal Gold common shares and exchangeable shares will be issued in
the aggregate, pursuant to the Arrangement. The interim order,
among other things, authorizes IRC to call and hold a special
meeting of IRC shareholders and optionholders to consider the
Arrangement with Royal Gold. In accordance with the interim order,
the special meeting of securityholders will be held at the
Inverness Hotel and Conference Center, Evergreen Room, 200
Inverness Dr. West, Englewood, Colorado on Tuesday, February 16,
2010 at 9:00am, with a record date at the close of business on
January 14, 2010. In connection with the special meeting, IRC is
mailing a detailed management proxy circular to its shareholders
and optionholders this week. The IRC board has passed a resolution
approving the circular for printing and distribution. The circular
will include the unanimous recommendation of IRC's board that
shareholders vote for the Arrangement with Royal Gold, as well as a
fairness opinion of Scotia Capital Inc., IRC's financial advisor.
International Royalty Corporation IRC is a global mineral royalty
company. IRC holds 85 royalties including an effective 2.7% NSR on
the Voisey's Bay mine, a sliding scale NSR on the Chilean portion
of the Pascua-Lama project, a 1.5% NSR on the Las Cruces project
and a 1.5% NSR on approximately 3.0 million acres of gold lands in
Western Australia. IRC is senior listed on the Toronto Stock
Exchange (TSX:IRC) as well as the NYSE Amex (NYSE-A:ROY). On behalf
of the Board of Directors, INTERNATIONAL ROYALTY CORPORATION
Douglas B. Silver Chairman and CEO Cautionary Statement Regarding
Forward-Looking Statements Some of the statements contained in this
release are forward-looking statements. In certain cases,
forward-looking statements can be identified by the use of words or
phrases such as "plans", "expects", "anticipates", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", or
"does not anticipate", or "believes" or variations of such words
and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Since forward-looking statements are not statements of
historical fact and address future events, conditions and
expectations, forward-looking statements inherently involve unknown
risks, uncertainties, assumptions and other factors well beyond
IRC's ability to control or predict. Actual results and
developments may differ materially from those contemplated by such
forward-looking statements depending on certain factors. IRC's
forward-looking statements in this release are based on certain
assumptions. Any forward-looking statements included in this
release represent IRC's views as of the date of this release. While
IRC anticipates that subsequent events and developments may cause
IRC's views to change, IRC specifically disclaims any obligation to
update these forward-looking statements unless required by law.
These forward-looking statements should not be relied upon as
representing IRC's views as of any date subsequent to the date of
this release. Accordingly, readers should not place undue reliance
on any forward-looking statements. DATASOURCE: INTERNATIONAL
ROYALTY CORPORATION CONTACT: Jack Perkins, Director of Investor
Relations, (303) 991-9500; Douglas B. Silver, Chairman and CEO,
(303) 799-9020; ; http://www.internationalroyalty.com/; Renmark
Financial Communications Inc.: Barbara Komorowski, , (514)
939-3989, Fax: 514-939-3717; http://www.renmarkfinancial.com/
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