Cancana Announces Deferral of a Resolution from Upcoming Special Shareholders Meeting
15 Abril 2014 - 8:00PM
Marketwired
Cancana Announces Deferral of a Resolution from Upcoming Special
Shareholders Meeting
TORONTO, ONTARIO--(Marketwired - Apr 15, 2014) - Cancana
Resources Corp. (TSX-VENTURE:CNY) (the "Company" or "Cancana")
announces that the board of directors of the Company, after
discussions with Ferrometals (as defined below) and The Sentient
Group, has determined to withdraw and defer the shareholder vote on
the special resolution ("Resolution #2") with respect to the
transfer of the Company's interest in MLB (as defined below) from
the business to be voted on at the special meeting of the
shareholders of Cancana (the "Meeting") to be held on Thursday,
April 17, 2014, until the annual general meeting of the
shareholders of the Company which will be scheduled to be held on
or about July 17, 2014.
As further described in Cancana's management information
circular dated March 18, 2014 (the "Circular"), at the Meeting
shareholders of Cancana were to be asked to consider, and if
thought fit, approve a special resolution relating to the transfer
by the Company of 100% of its interest in M L B de Nogueira EPP
(referred to as M.L.B. de Nogueira Mineração Ltda in the Circular)
("MLB") to Rio Madeira Comércio Importação e Exportação de Minérios
Ltda ("Rio Madeira"), in connection with the operation of Rio
Madeira as a joint venture between Cancana and Ferrometals BV
("Ferrometals"), which is currently owned by Ferrometals, a special
purpose vehicle established by The Sentient Group.
Cancana's board has determined to withdraw Resolution #2 after
extensive discussions with Ferrometals in order for the Company to
complete a restructuring of MLB in accordance with Brazilian law.
This restructuring will allow Cancana to complete the disposition
of the mining claims of MLB (the "MLB Mining Claims") into Rio
Madeira in the most tax efficient manner, whether by way of a share
or asset sale (the "Restructuring"). Cancana has a contractual
agreement with a Brazilian national pursuant to which Cancana can
exercise control and gain beneficial ownership of the MLB Mining
Claims. The MLB Mining Claims are not currently held through the
100% ownership of the share capital of a Brazilian subsidiary known
as M.L.B. de Nogueira Mineração Ltda. as has been previously
disclosed by Cancana. As part of the Restructuring, it is
anticipated that Cancana will be completing the final steps in
establishing a Brazilian corporate subsidiary entity pursuant to
which the MLB Mining Claims will be transferred and this process is
estimated to be completed in approximately 90 days.
Andrew Male, CEO of Cancana commented that "While it would have
been ideal to complete the transfer of the mining claims of MLB
into Rio Madeira concurrently with closing the financing with
Ferrometals, the board of Cancana felt it imperative to defer this
aspect of the Meeting until Cancana's interests are structured in
the most optimal manner."
The withdrawal of this item of business will not affect the
validity of the proxy form enclosed with the Circular. Shareholders
wishing to complete and lodge a proxy in relation to the Meeting do
not need to indicate their voting instructions on Resolution #2.
Cancana confirms that, at the Meeting, the shareholders will be
asked to vote on the first resolution set forth in the Circular
with respect to the approval of the Rio Madeira joint venture, the
creation of Ferrometals as a control person of the Company and the
proposed financings of Cancana by Ferrometals which is anticipated
to close on or before April 22, 2014 subsequent to shareholder
approval.
About
Cancana
Cancana is an exploration stage company that has transitioned
into production in Brazil and Canada. The Company has been seeking
projects that expand its resource base and provide for near term
production and revenue. All available resource reports and
information on the Company's properties are located on the Company
website: www.cancanacorp.com.
Issued on behalf of the Board of Directors of Cancana Resources
Corp.
Andrew Male, President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release. This press release contains forward-looking
information under Canadian securities legislation. forward-looking
information includes, but is not limited to, statements with
respect to MLB, the development potential and timetable of the Rio
Madeira project and Cancana's other assets in Brazil and Canada;
Cancana's ability to raise additional funds necessary; the future
price of manganese, the estimation of mineral reserves and mineral
resources; conclusions of economic evaluation; the realization of
mineral reserve estimates; the timing and amount of estimated
future production, development and exploration; costs of future
activities; capital and operating expenditures; success of
exploration activities; mining or processing issues; currency
exchange rates; government regulation of mining operations; and
environmental risks. Generally, forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Cancana to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to those
risks described in the annual information form of Cancana and in
its public documents filed on SEDAR from time to time. Although
management of Cancana has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cancana does not undertake to update any
forward-looking statements, except in accordance with applicable
securities laws.
Cancana Resources Corp.+1 403 269
2065cancana.ir@cancanacorp.comwww.cancanacorp.com
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