14:30 | Lima, Apr. 06 (ANDINA).
Canadian-based Trevali Resources Corp., which operates the Santander silver-lead-zinc project in west-central Peru, announced that at its Special Meeting of Shareholders held on March 30, 2011, shareholders unanimously voted in favour of its proposed acquisition of Kria Resources Ltd. by way of plan of arrangement.
"The overwhelmingly strong support by both Trevali and Kria shareholders in favour of our planned acquisition of Kria is testament to the positive synergies the two companies bring to the table," said Mark Cruise, President and CEO of Trevali.
"The new company will boast a robust project pipeline with two new planned polymetallic mines coming on-stream over the next several months, first in New Brunswick at the Halfmile Project and then followed by the Santander Project in Peru."
Upon the pending completion of the transaction, the combined company (planned to be renamed Trevali Mining Corporation) will have approximately 84.3 million issued and outstanding common shares and, Trevali and Kria shareholders will own approximately 75.1% and 24.9% of the combined company, respectively.
Some 15 million 901,261 shares or approximately 25.1% of the company's issued and outstanding common shares were represented at the meeting in person or by proxy.
All of the shares represented at the meeting voted in favour of the transaction. The proposed Arrangement and related shareholder resolutions were detailed in the Joint Information Circular of Trevali and Kria dated February 22, 2011.
Completion of the Arrangement remains conditional on the final approval of the Ontario Superior Court of Justice and satisfaction of other customary conditions, including regulatory and stock exchange approvals.
Subject to the satisfaction or waiver of all conditions precedent, it is currently anticipated that the Arrangement will be completed on or about April 6, 2011.
Kria Resources is a base metal exploration and development company focused on high-quality, advanced-stage base metal assets. Its primary asset is the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick.
Trevali in conjunction with its partner, Glencore International A.G., has entered into a definitive development agreement for the Santander silver-lead-zinc project in west-central Peru.
The project will see Glencore provide and operate on the property, a 2,000-tonne-per-day concentrate plant, undertake mining operations on a 'contractor/toll basis' and enter into a long-term concentrate off-take agreement with the company for 100% of the Santander project's production at benchmark terms.
Additionally, through its wholly owned subsidiary Trevali Renewable Energy Inc., the company is undertaking a significant upgrade of the Tingo run-of-river hydroelectric generating facility along with transmission line upgrades and extensions to allow, in addition to supplying power to the mining operation on the property, the potential sale of surplus power into the Peruvian National Energy Grid.
The common shares of Trevali are currently listed on the TSX (symbol TV).
(END) LVT/LVT
Publicado: 6/4/2011