Ur a 'Falling' Star! has Fallen!
Urastar takeover by Agnico-Eagle approved by court
2013-05-15 16:38 ET - News Release
Mr. Adrian Robertson reports
URASTAR GOLD CORP. RECEIVES FINAL COURT ORDER FOR ARRANGEMENT WITH AGNICO EAGLE MINES LIMITED
The Supreme Court of British Columbia issued today a final order approving the previously announced statutory plan of arrangement under the Business Corporations Act (British Columbia) involving Urastar Gold Corp., Agnico-Eagle Mines Ltd., holders of common shares of Urastar, holders of common share purchase warrants of Urastar and holders of options of Urastar.
Receipt of the final order follows the company's special meeting of securityholders held on May 14, 2013, wherein the special resolution approving the arrangement was approved by 99.76 per cent of the securityholders, voting together as a single class, and by 99.64 per cent of the shareholders after excluding votes required to be excluded in accordance with Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Assuming all other conditions to completion of the arrangement are satisfied or waived, it is expected that the arrangement will become effective on or about May 16, 2013, following which application will be made to the TSX Venture Exchange for the delisting of the common shares.
Pursuant to the arrangement, Agnico-Eagle will acquire all of the issued and outstanding common shares. Under the terms of the arrangement, each shareholder will receive in exchange for each common share held 25 cents in cash. Holders of in-the-money warrants that have not otherwise exercised their in-the-money warrants will receive 15 cents in cash for each in-the-money warrant held. Out-of-the-money warrants and options will be cancelled as part of the transaction. Agnico-Eagle has agreed to advance approximately $1.6-million to the company on closing to finance the payment of the company's transaction expenses and severance costs.
For further details regarding the arrangement, please refer to the management information circular of the company dated April 8, 2013, a copy of which is available under the company's profile on the System for Electronic Document Analysis and Retrieval.
We seek Safe Harbor.
It sure pleases me that they got $1.6 million to deal with severance costs et al. Way to look after yourselves! Just another falling star!