Khan Resources Inc.

Khan Resources Inc.

September 13, 2016 08:00 ET

Khan Announces Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwired - Sept. 13, 2016) - Khan Resources Inc. ("Khan" or the "Company") (CSE:KRI) is pleased to announce a special meeting of shareholders (the "Meeting") to be held on November 10, 2016. The record date for determining shareholders entitled to receive notice of and vote at the Meeting has been set as October 4, 2016.

At the Meeting, shareholders will be asked to approve the voluntary liquidation and dissolution of Khan (the "Winding Up"), which proceedings will include the distribution of cash to shareholders in two or more instalments as part of the Winding Up. Khan anticipates that an initial distribution of CDN$0.85 per share will be made as promptly as practicable following the approval of the shareholders of the Winding Up, by way of a return of capital. 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 by the liquidator pursuant to the plan of liquidation and dissolution. At this time, Khan anticipates that any further distributions of cash as part of the Winding Up would aggregate between CDN$0.01 and $0.08.

The Company will provide important information about the Meeting, the Winding Up and the anticipated distributions in a management information circular that will be mailed to shareholders and posted to SEDAR in due course.

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.

Contact Information

  • Investor Relations Contacts:
    Khan Resources Inc.
    Grant Edey
    Chairman & CEO