TORONTO, ONTARIO--(Marketwire - June 19, 2012) - Trelawney Mining and Exploration Inc. (the "Company" or "Trelawney") (TSX VENTURE:TRR)(FRANKFURT:RTW) today announces that the Ontario Superior Court of Justice (Commercial List) has approved the previously announced plan of arrangement (the "Arrangement") whereby, among other things, a wholly-owned subsidiary of IAMGOLD Corporation has agreed to acquire all of the issued and outstanding common shares of Trelawney. The Arrangement was approved by Trelawney shareholders at a special meeting of shareholders held on June 15, 2012.
Under the terms of the Arrangement, each Trelawney shareholder will receive $3.30 in cash for each Trelawney common share held.
With all required shareholder and court approvals having been obtained, the Arrangement is now scheduled to close on or about June 21, 2012. The completion of the Arrangement is subject to other customary closing conditions.
Trelawney is a Canadian junior mining and exploration company with a focus on Archean gold deposits. The Company's current focus is directed towards the continued exploration and development of the Côté Lake Deposit, located in Chester Township, 20 kilometres southwest of Gogama, Ontario.
This news release may contain forward-looking information (referred to herein as "forward-looking statements"). Forward-looking statements herein include, but are not limited to, statements with respect to the expected closing date of the Arrangement. Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. The Company has made certain assumptions about the forward-looking statements, including assumptions about the ability of the Company to conclude the Arrangement. Even though the Company's management believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that the forward-looking statements will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. These risks, uncertainties and other factors include, among others, the ability to satisfy the conditions of the transaction, those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the financial year ended December 31, 2010, as well as those risk factors discussed in the Company's other continuous disclosure documents filed and available on SEDAR at www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date hereof, or such other date or dates specified in such statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
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.