Mr. Greg Gibson reports
KERR MINES COMPLETES ACQUISITION OF AMERICAN BONANZA
Kerr Mines Inc. has acquired all of the issued and outstanding common shares of American Bonanza Gold Corp. by way of a plan of arrangement under the Business Corporations Act (British Columbia). The arrangement was approved by Kerr Mines shareholders by written consent, by American Bonanza shareholders at its annual general and special meeting of shareholders held on June 20, 2014, and by the Supreme Court of British Columbia on June 25, 2014.
Pursuant to the terms of the arrangement, American Bonanza shareholders are now entitled to receive 0.53 of a common share of Kerr Mines for every one common share of American Bonanza held by such American Bonanza shareholder. In addition, each holder of the outstanding stock options and common share purchase warrants of American Bonanza will receive such number of replacement options or warrants of Kerr Mines equal to the product of the number of American Bonanza shares based upon the exchange ratio.
Effective today, American Bonanza and 0999415 B.C. Ltd., a wholly owned subsidiary of Kerr Mines, have amalgamated under the name "American Bonanza Gold Corp.," and the amalgamated company is a wholly owned subsidiary of Kerr Mines. As a result of the completion of the arrangement, Kerr Mines now owns 100 per cent of the American Bonanza shares and its assets.
The American Bonanza shares will be delisted from the Toronto Stock Exchange. In order to receive their Kerr Mines shares, American Bonanza shareholders are required to surrender their American Bonanza share certificates to the depositary, Equity Financial Trust Company, together with a properly completed letter of transmittal. A copy of the letter of transmittal was mailed to the registered shareholders of American Bonanza and is also available on SEDAR.
Board and management of Kerr
Kerr Mines is pleased to welcome Brian Kirwin, former president and chief executive officer of American Bonanza, and Wayne Tisdale, former director of American Bonanza, to its board of directors. The board of Kerr now consists of nine directors, including Stephen McIntyre (chairman), Greg Gibson (president and CEO), Christopher Irwin, George Cole, Gregory Smith, Claudio Ciavarella, David Fennell, Mr. Kirwin and Mr. Tisdale.
We seek Safe Harbor.
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