Business & Finance
Business and Finance
Business and Finance
Mon, August 24, 2009
Fri, August 21, 2009 Creston Moly Corp.: Tenajon Shareholders Overwhelmingly Approve Business Combination With Creston
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2009) - Creston Moly Corp. ("Creston" or the "Company") (TSX VENTURE:CMS) is pleased to announce that at Tenajon's Annual and Special Meeting of Shareholders held on August 20, 2009 (the "Meeting"), Tenajon's shareholders voted overwhelmingly in favour of the previously announced business combination, by way of Plan of Arrangement (the "Arrangement") with Creston Moly Corp.
"We are extremely pleased that another step in our plan in creating a world class molybdenum explorer and developer in North America has been completed and are looking forward to making further advances," said Colin K. Benner, Chairman of Creston. "The Company has an advanced staged open pit mining project in Mexico with El Creston, and as well, now has a pipe line of projects with the Ajax and Moly Brook molybdenum assets in Canada. We are pleased that Bruce McLeod will be heading up the company as its new CEO, as his experience in mine engineering and development and his contacts in the investment community will aid greatly in moving the company forward. The new management team is capable of taking the Creston Project to production while advancing the other prospects in Creston's portfolio."
At the Tenajon Meeting, a special resolution approving the Arrangement (the "Arrangement Resolution") was passed by an affirmative vote of over the required two-thirds of the aggregate votes cast by Tenajon's shareholders present in person and by proxy at the Meeting. Specifically, 99.6% of the votes cast in respect of the Arrangement Resolution voted in favour of the Arrangement Resolution.
Subject to obtaining the approval of the Supreme Court of British Columbia, and satisfying certain other closing conditions, the Arrangement is expected to close on or around August 26, 2009. In conjunction with the closing of the Arrangement the Company advises that it will be terminating management contracts with three directors for total consideration of $189,000 cash and 1,890,000 shares, subject to regulatory approval.
On behalf of the Board
Colin K. Benner, Chairman of the Board
Forward-Looking Statements
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and Creston Moly Corp. (hereinafter referred to as the "Company") does not intend, and do not assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words 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" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's' interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at [ www.sedar.com ]. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking 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.
Neither the 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.
