Duluth announces shareholder approval of acquisition by Antofagasta Investment Company Limited
TORONTO, Jan. 14, 2015 /PRNewswire/ - Duluth Metals Limited ("Duluth" or "Duluth Metals") (TSX: DM) (TSX:DM.U) is pleased to announce that, at its special meeting of shareholders held today (the "Meeting"), shareholders approved the previously announced proposed arrangement (the "Arrangement") with Antofagasta Investment Company Limited ("Antofagasta"), a wholly-owned subsidiary of Antofagasta plc. Under the Arrangement,Antofagasta will, subject to the provisions of the arrangement agreement dated November 21, 2014 between Duluth andAntofagasta (the "Arrangement Agreement"), acquire all of the outstanding common shares of Duluth ("Duluth Shares") (other than Duluth Shares held by Antofagasta and its affiliates) at a price of CDN$0.45 per Duluth Share in cash (the "Cash Consideration").
The Arrangement was approved by approximately 98.82% of the votes cast at the Meeting. In addition, in accordance with Multilateral Instrumental 61-101 – Protection of Minority Security Holders in Special Transactions, the Arrangement was also approved by 98.13% of the votes cast at the Meeting, excluding, among others, the Duluth Shares held byAntofagasta and its affiliates.
Duluth will be applying for the final court approval of the Arrangement on January 16, 2015. Subject to obtaining the final court approval and the remaining conditions being satisfied, it is anticipated that the closing of the Arrangement will occur on January 20, 2015.
In order to receive the Cash Consideration in exchange for their Duluth Shares, registered shareholders must complete, sign, date and return the Letter of Transmittal that was mailed to each registered shareholder. The Letter of Transmittal is also available from Duluth's depositary, Equity Financial Trust Company, by telephone at: (i) 1 (866) 393-4891 (North American Toll Free); or (ii) under Duluth's issuer profile on SEDAR at www.sedar.com.
Shareholders whose Duluth Shares are registered in the name of a broker, investment dealer, bank, trust company, trustee or other intermediary or nominee should contact that intermediary or nominee for assistance in depositing their Duluth Shares and should follow the instructions of such intermediary or nominee in order to make their election and deposit their Duluth Shares.