TORONTO, ONTARIO--(Marketwired - Nov. 10, 2016) - Khan Resources Inc. ("Khan" or the "Company") (CSE:KRI) is pleased to announce that the shareholders of Khan have approved the special resolution for the voluntary liquidation and dissolution of Khan. The special resolution was approved by 99.95% of the shares voted in person or represented by proxy at the special meeting.
Pursuant to the winding up, Khan will make an initial distribution of CDN$0.85 per share by way of a return of capital, to be paid November 29, 2016 to shareholders of record at November 22, 2016. The shares will trade ex-distribution on November 18, 2016.
Any further distribution of cash will be made in one or more instalments following receipt of funds pursuant to the liquidation of the remaining assets of Khan and the winding up of its remaining subsidiary, and the satisfaction of all liabilities, including expenses of the winding up, on a distribution date to be determined pursuant to the plan of liquidation and dissolution. As previously disclosed, Khan anticipates that any further distributions of cash as part of the winding up would aggregate between CDN$0.01 and $0.08.
Full details of the winding up and certain other matters are set out in the management information circular of Khan dated October 5, 2016. A copy of the circular and other meeting materials can be found on SEDAR at www.sedar.com.
Forward-Looking Statements and Information
Certain information in this press release may contain forward-looking statements within the meaning of applicable securities laws including, among others, statements relating to Khan's objectives, beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect Khan's current beliefs and are based on information currently available to management. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future results and are based on Khan's estimates and assumptions that are subject to risks and uncertainties. Those risks and uncertainties include, among other things, risks related to the availability of cash for distributions in connection with the winding up. Although the forward-looking statements contained in this press release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. The forward-looking statements are made only as of the date on which such statements are or were made and Khan assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances, except as required by applicable law.