Reservoir Announces Securityholder Approval of Plan of Arrangement With Nevsun Resources
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 17, 2016) - Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX VENTURE:RMC)(OTC PINK:RVRLF)(9RE.BE) is pleased to announce that at a special meeting held today, Reservoir shareholders and optionholders approved the previously announced Plan of Arrangement ("Arrangement") with Nevsun Resources Ltd. ("Nevsun"). On closing of the Arrangement, all of Reservoir's issued and outstanding common shares will be exchanged on the basis of two Nevsun common shares (the "Consideration Shares") and C$2.00 in cash per Reservoir common share.
The special resolution approving the Arrangement was approved by: (i) 68.24% of the votes cast by Reservoir shareholders present in person or represented by proxy at the meeting; (ii) 69.15% of the votes cast by Reservoir shareholders and optionholders voting as a single class present in person or represented by proxy at the meeting; and (iii) 66.56% of the votes cast by "minority" Reservoir shareholders in accordance with Part 8 of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions. Nevsun shareholders approved the issuance of the Consideration Shares by approximately 98.95% of the votes cast at Nevsun's special meeting of shareholders that was also held today.
The transaction is expected to close on June 23, 2016 following receipt of final court approval and other customary closing conditions.
Full details concerning the Arrangement are included in the management information circulars of both Reservoir and Nevsun mailed to their respective securityholders on May 20, 2016.
About the Company:
Reservoir Minerals Inc. is an international mineral exploration and development company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Europe and Africa. The Company operates an exploration partnership business model to leverage its expertise through to discovery.
For further information on Reservoir Minerals Inc., please consult our website, www.reservoirminerals.com.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to the expected closing date of the Arrangement and the consideration to be received in respect of the Arrangement, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Reservoir Minerals Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, (i) the conditions to completion of the arrangement will not be satisfied, including court approval; (ii) an event, change or other circumstance that could give rise to the termination of the arrangement agreement will occur and other risks disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
