Concerned Creston Shareholders

June 30, 2009 07:00 ET

Concerned Creston Shareholders Disappointed With Definitive Merger Agreement

TORONTO, ONTARIO--(Marketwire - June 30, 2009) - Concerned Creston Shareholders are disappointed to learn that Creston Moly Corp. ("Creston") has announced that it has signed a definitive agreement to merge with Tenajon Resources Corp. ("Tenajon").

On June 23, 2009, the Concerned Shareholder had requisitioned a shareholders meeting so that shareholders of Creston will be given the opportunity to vote on the proposed merger between Creston and Tenajon. Despite being told that certain shareholders are opposed to the merger with Tenajon and the demand for a shareholders meeting, Creston has announced that it has signed a definitive agreement to issue more than 53,000,000 shares to Tenajon.

Creston has not responded to the Concerned Shareholders and has not called a special meeting of shareholders. The proposed transaction has been structured to avoid giving Creston shareholders the right to vote.

The Concerned Shareholders believe the proposed merger with Tenajon is not in the best interests of Creston or its shareholders. The Concerned Shareholders believe the proposed transaction is overly dilutive to Creston shareholders and has been structured to avoid giving Creston shareholders an opportunity to vote on the proposed merger.

The Concerned Shareholders believe the proposed merger with Tenajon has been poorly negotiated and are disappointed with the management of Creston's assets and therefore also seek to replace the Board of Directors.

Contact Information

  • Concerned Creston Shareholders
    Carl DiPlacido
    416-917-5039