TORONTO, ONTARIO--(Marketwired - Jan. 21, 2014) - Arehada Mining Limited ("Arehada" or the "Company") (TSX VENTURE:AHD.H) is pleased to announce that it has received approval of the tax return filed with respect to the sale by Arehada's wholly-owned subsidiary, Arehada (Barbados) Corporation, of all of the shares it held in Arehada's Chinese operating company, to Shanjin Mining Corporation ("Shanjin"), a Shandong based Chinese mining company, pursuant to an agreement dated February 11, 2010. The applicable tax rate with respect to the sale is determined to be 10% and the corresponding tax payable will be withheld from the sale proceeds and submitted by Shanjin to the local tax authority.
The Company is in the process of applying for approval from SAFE (State Authority for Foreign Exchange) for payment of the net sale proceeds. Once the SAFE approval is obtained, the net sales proceeds will be released to the Company.
The Company's board of directors approved, subject to receipt of shareholder approval and any required regulatory approval, the voluntary dissolution of the Company and intends to call an annual and special meeting of shareholders scheduled for June 26, 2014 to approve the dissolution.
Forward Looking Information
The above contains forward looking information that is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Generally, forward looking information can be identified by the use of forward looking terminology such as "plans", "expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward looking information in this press release relates to the management's expectation of the amount of taxes payable with respect to the sale; the application for SAFE approval, the expected release of net sale proceeds to the Company, Company's plan to dissolve, the anticipated calling of shareholders' meeting and meeting date and the anticipated businesses to be approved at the shareholders' meeting. Although we believe the expectations reflected in our forward looking information are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Readers should not place undue reliance on forward looking information.