Vancouver, British Columbia--(Newsfile Corp. - March 25, 2024) - 1329300 B.C. Ltd. (the "Company") is pleased to announce that, further to its press releases of February 6, 2024, February 26, 2024 and March 19, 2024, the Company has obtained the final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement (the "Plan of Arrangement") under Division 5 of Part 9 of the Business Corporations Act (British Columbia) (the "Arrangement").
Pursuant to the Plan of Arrangement and arrangement agreement dated February 6, 2024, the Company will acquire all of the issued and outstanding common shares of Borealis Mining Company Limited ("Borealis") on the effective date of the Arrangement. Borealis and 1000693081 Ontario Ltd., a wholly-owned subsidiary of the Company, will amalgamate, and the resulting entity will be a wholly-owned subsidiary of the Company carrying on the business of Borealis.
The Company currently anticipates the closing of the Arrangement to occur in April 2024.
About Borealis
Borealis 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
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/203017
SOURCE: 1329300 B.C. Ltd.
