EDMONTON, ALBERTA--(Marketwired - March 14, 2017) - Iberian Minerals Ltd. (the "Company" or "Iberian") (TSX VENTURE:IML)(OTCQB:SLDRF) is pleased to announce the Arrangement Resolution involving the spin-out of the Iberian Technology Rights to EnviroLeach Technologies Inc. ("ETI") and the distribution to Iberian shareholders of 26,000,000 common shares of ETI (the "ETI Share Distribution") was approved by shareholders holding approximately 99.88% of the common shares who voted on the resolution. The resolution approving the Stock Option Plan for ETI was approved by shareholders holding approximately 99.84% of the common shares who voted on the resolution.
A record total of 153,093,098 shares, representing 56.33% of the issued and outstanding common shares, were voted in person or by proxy at its Special Meeting on March 14, 2017 to approve the previously announced plan of arrangement involving ETI, and shareholders of the Company (the "Arrangement"). Both of the resolutions proposed to the shareholders, detailed in the Notice of Special Meeting of the Company dated February 10, 2017, received overwhelming support from the Company's shareholders.
On Wednesday, March 15, 2017, Iberian will seek a final order from the Alberta Court of Queen's Bench on the Arrangement (the "Final Order"). The hearing is expected to take place at 2:00 p.m. (Calgary time) in Calgary. If the Final Order is received, the Company expects to effect the Arrangement on Tuesday, March 21, 2017. In order to receive his/her pro rata share of the ETI Share Distribution, an Iberian shareholder must be a shareholder of record as of the date the Arrangement takes effect (currently anticipated to be March 21, 2017). Given the standard timeline for settlement procedures, an Iberian shareholder who effects a trade of Iberian common shares on a stock exchange on or after Friday, March 17, 2017 is unlikely going to have his trade position settled in time to be reflected on Iberian's registered record. As settlement procedures for different institutions differ, an Iberian shareholder who wishes to confirm that their trade position can be settled in time to be reflected on the Iberian record to receive the ETI Share Distribution is encouraged to consult his own financial advisor in this regard.
The Company anticipates that it will be issuing an additional news release as soon as possible to cover the following:
- Confirmation of receipt of the Final Order;
- Completion of the Arrangement; and
- Trading date for ETI on the Canadian Securities Exchange.
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 and the anticipated timing for 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.