New Pacific and Tagish Lake Complete Plan of Arrangement
20 Diciembre 2010 - 8:11PM
Marketwired
New Pacific Metals Corp. ("New Pacific") (TSX VENTURE: NUX) and
Tagish Lake Gold Corp. ("Tagish Lake") (TSX VENTURE: TLG) are
pleased to announce that they have completed the previously
announced court approved plan of arrangement (the "Arrangement")
under the Business Corporations Act (British Columbia) involving
Tagish Lake, its shareholders and New Pacific.
Tagish Lake received shareholder approval for the Arrangement at
the meeting of its shareholders held on December 15, 2010. The
Supreme Court of British Columbia granted a final order approving
the Arrangement on December 16, 2010. The common shares of Tagish
Lake were halted on the TSX Venture Exchange on December 20, 2010
and will be voluntarily delisted from the TSX Venture Exchange.
Tagish Lake will also apply to cease to be a reporting issuer under
applicable Canadian securities laws.
Pursuant to the Arrangement, New Pacific acquired all of the
issued and outstanding common shares of Tagish Lake ("Tagish
Shares") which it did not already hold in consideration for each
Tagish Share, at the election of each Tagish shareholder: (i) $0.10
in cash, (ii) 0.137 of a common share of New Pacific, or (iii) a
combination of $0.05 in cash and 0.0685 in common shares of New
Pacific. Prior to completion of the Arrangement, New Pacific held
114,101,236 Tagish Shares (representing approximately 79.2% of the
outstanding Tagish Shares). Pursuant to the Arrangement, New
Pacific acquired the remaining 26,810,756 Tagish Shares and Tagish
Lake is now a wholly-owned subsidiary of New Pacific. Upon
completion of the Arrangement, New Pacific now has 47,663,053
common shares outstanding.
New Pacific has deposited a total of $987,962.50 in cash and
2,319,565 common shares of New Pacific with the depositary,
Kingsdale Shareholder Services Inc., to satisfy the consideration
payable to Tagish shareholders who surrendered their Tagish Shares
pursuant to the Arrangement.
Tagish Lake shareholders who have questions or require more
information with respect to the Arrangement or the payment and
receipt of the applicable consideration should contact:
Kingsdale Shareholder Services Inc.
The Exchange Tower
130 King Street West, Suite 2950, P.O. Box 361
Toronto, Ontario M5X 1E2
Tel: 1-888-518-1562 / Fax: 416-867-2271
Email: contactus@kingsdaleshareholder.com
This news release may contain forward-looking statements (within
the meaning of applicable securities laws) relating to the New
Pacific. Forward-looking statements are identified by words such as
"believe", "anticipate", "expect", "intend", "plan", "will", "may"
and other similar expressions. This information involves known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. Forward-looking
information in this news release includes, without limitation,
statements made in respect of the Arrangement, New Pacific and
Tagish Lake.
All forward-looking statements in this news release are
qualified by these cautionary statements. Forward-looking
statements involve significant risks and uncertainties, should not
be read as guarantees of future performance or results, should not
be unduly relied upon and will not necessarily be accurate
indications of whether or not such results will be achieved.
Forward-looking information is based on various material factors or
assumptions, which are based on information currently available to
the New Pacific. Although the forward-looking statements contained
in this news release are based upon what management believes are
reasonable assumptions, New Pacific cannot assure readers that
actual results will be consistent with these forward-looking
statements.
The forward-looking statements contained in this news release
are made as of the date of this news release and should not be
relied upon as representing the New Pacific's views as of any date
subsequent to the date of this news release. New Pacific assumes no
obligation to update or revise these forward-looking statements to
reflect new information, events, circumstances or otherwise, except
as required by applicable law.
Neither 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.
Contacts: New Pacific Metals Corp. Rui Feng President
604-669-9397
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