EDMONTON, ALBERTA--(Marketwired - March 16, 2017) - Iberian Minerals Ltd. (TSX VENTURE:IML)(OTCQB:SLDRF) (the "Company" or "Iberian") is pleased to announce that further to its news release of March 14, 2017, it has received a final order from the Alberta Court of Queen's Bench on the arrangement (the "Arrangement") involving Iberian, shareholders of Iberian and Enviroleach Technologies Inc. ("ETI"). The Arrangement involves the spin-out of the Iberian Technology Rights to ETI and the distribution to Iberian shareholders of 26,000,000 common shares of ETI (the "ETI Share Distribution"). The Arrangement was approved by shareholders at the Company's Special Meeting held on March 14, 2017.
All closing conditions for the Arrangement have now been met, including conditional approval from the Canadian Securities Exchange (the "CSE") for the listing of the ETI common shares.
The Company intends to complete the Arrangement on Tuesday, March 21, 2017, making it the official record date for Iberian shareholders to receive their entitlement for ETI shares on a pro rata basis. Shareholders need to be aware that the distribution of the ETI shares is facilitated through the Company's transfer agent - Computershare, not Iberian. The Company currently expects that the ETI Shares will commence trading on the CSE on or about March 30, 2017, subject to the Company meeting all of the customary listing conditions of the CSE.
ETI has also made an application for a U.S. listing with the OTCQB and will be providing updates regarding this development on a timely basis.
"I am very pleased with the overwhelming and decisive support our shareholders shown us for the EnviroLeach spin-out.", commented Greg Pendura, President and CEO of Iberian Minerals. "To receive over 99% approval on this spin-out with a record total of over 153 million shares voted, tells us that our shareholders value the opportunity each of these two companies working together will offer to them."
Duane Nelson, President & CEO of ETI, states; "I am very pleased with the completion of the Arrangement and the continued support of the shareholders. The Company now has the necessary corporate structure and solid foundation to build upon. I am very excited about the future of EnviroLeach. It is, by far, the most innovative and disruptive technology ever introduced to the mining and E-Waste sectors. The client-side testing and validation of the process continues with excellent results. Iberian and EnviroLeach will continue to work together collectively as solution providers to both the mining and E-Waste industry sectors."
The Company further wishes to announce an investor presentation which will take place at 6:00 PM, March 21, 2017 at the Marriot Courtyard Edmonton West, 10011 184th Street NW, Edmonton, Alberta.
Please confirm of your attendance via email to email@example.com by March 20th
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company positioned for growth through the partnership of advanced cash flow mining opportunities utilizing the Mineworx environmentally friendly mineral processing technologies. In addition the Company is undertaking strategic alliances with its Spanish minerals assets.
For further information, go to www.iberianminerals.ca
This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities laws, respectively. The use of any of the words "expect", "potential", "target", "anticipate", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the timing and anticipated receipt of the Final Order and the timing of the effective date for the Arrangement.
In respect of the forward-looking statements and information concerning the anticipated completion of the Arrangement, the Company has provided them in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the ability of the Company to receive, in a timely manner, the necessary court, regulatory and other third party approvals and the ability of the Company to satisfy, in a timely manner, the other conditions to the closing of the Arrangement. These dates may change for a number of reasons, including inability to secure necessary court, regulatory or other third party approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that the Arrangement may not close when planned or at all or on the terms and conditions set forth in the Arrangement Agreement and the failure to obtain the necessary court, regulatory and other third party approvals required in order to proceed with the Arrangement.
The forward-looking statements and information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or results or otherwise, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.