Vancouver, British Columbia--(Newsfile Corp. - March 19, 2024) - 1329300 B.C. Ltd. (the "Company") is pleased to announce that, further to its press releases of February 6, 2024 and February 26, 2024, the that the special resolution in connection with the previously announced proposed business combination by way of a plan of arrangement under Division 5 of Part 9 of the Business Corporations Act (British Columbia) (the "Arrangement") involving, the Company, Borealis Mining Company Limited and 1000693081 Ontario Ltd., a wholly-owned subsidiary of the Company, was approved today at the annual general and special meeting of shareholders of the Company (the "Meeting").
Shareholder Approvals
At the Meeting, the special resolution approving the Arrangement was approved by 100% of the shareholders of the Company present in person or represented by proxy at the Meeting.
Arrangement Update
Completion of the Arrangement remains subject to, among other things, satisfaction of all conditions precedent to closing the Arrangement, including the final approval of the Supreme Court of British Columbia. The hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement is scheduled to take place on or about March 25, 2024. Assuming that all approvals are obtained and all conditions precedent are satisfied or waived, the Company currently anticipates the closing of the Arrangement to occur in April 2024.
About Borealis
Borealis Mining Company Limited is a gold mining and exploration company focused on exploration and resumption of production of the Borealis Mine in Nevada. The Borealis Mine is a fully permitted minesite, equipped with active heap leach pads, an ADR facility, and all necessary infrastructure to support a heap leach gold mining operation. In addition to the mine, the property, comprised of 751 unpatented mining claims of approximately 20 acres each totalling approximately 15,020 acres and one unpatented mill site claim of about five acres located in western Nevada, is highly prospective for additional high-sulfidation gold mineralization. Borealis is led by a strong board and management team, many of whom have founded, managed, and sold highly successful mining and exploration companies.
For further information, please contact:
Carly Burk
President and Chief Executive Officer
Tel: (416) 361-2517
Completion of the Arrangement is subject to necessary regulatory approvals, court or governmental approvals, authorizations and consents and approval of the shareholders of the Company and Borealis (as applicable). Where applicable, the Arrangement cannot close until the required approvals have been obtained. There can be no assurance that the Arrangement will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the continuous disclosure document regarding the Arrangement, required to be filed with the securities regulatory authorities having jurisdiction over the affairs of the Company, any information released or received with respect to the Arrangement may not be accurate or complete and should not be relied upon.
Forward-Looking Information
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to: the business plans of the Company and Borealis, Borealis' management's expectation on the growth and performance of its acquisitions, the completion of the Arrangement, the completion of the Consolidation, and the board of directors and management of the Company upon completion of the Arrangement. Such statements and information reflect the current view of the Company and/or Borealis, respectively. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company and Borealis to continue as a going concerns, risks associated with potential governmental and/or regulatory action with respect to the Company's and Borealis' operations, respectively, the potential unviability of the business plans of the Company and Borealis, respectively, Borealis' expectation on the growth and performance of its acquisitions may prove incorrect, failure to complete the Arrangement, failure to complete the Consolidation, the inability of the Company and Borealis to appoint members of the board of directors and management of the Company upon completion of the Arrangement. Such statements and information reflect the current view of the Company and/or Borealis, respectively. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202333
SOURCE: 1329300 B.C. Ltd.
