01:57:52 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Soltoro Ltd
Symbol SOL
Shares Issued 90,175,037
Close 2015-06-03 C$ 0.315
Market Cap C$ 28,405,137
Recent Sedar Documents

Soltoro receives shareholder OK for Agnico takeover

2015-06-04 13:56 ET - News Release

Mr. Andrew Thomson reports

SOLTORO SECURITYHOLDERS APPROVE ACQUISITION OF SOLTORO BY AGNICO EAGLE

The plan of arrangement of Soltoro Ltd. involving Agnico Eagle Mines Ltd. has been overwhelmingly approved by Soltoro securityholders at a special meeting held earlier today.

Andrew Thomson, president and chief executive officer, commented: "We would like to thank our shareholders for their support on this transaction and for their continued backing over the last decade. Our shareholders have realized significant value for the El Rayo project and other properties in Jalisco, and following completion of the arrangement, through their ownership in Agnico Eagle, will have continued exposure to their ongoing development. We also look forward to continuing our efforts to deliver value for our shareholders in Palamina Corp."

At the meeting, approximately 99.95 per cent of the votes cast by Soltoro securityholders, voting as a single class, and 99.93 per cent of the votes cast by disinterested Soltoro shareholders (excluding the votes cast by those persons whose votes were excluded pursuant to Multilateral Instrument 61-101 -- protection of minority securityholders in special transactions for the purposes of obtaining minority approval) were voted in favour of the arrangement.

The arrangement

Under the arrangement, Agnico Eagle will acquire all of the common shares of Soltoro that are issued and outstanding at the effective time of the arrangement, and Soltoro shareholders will be entitled to receive, in respect of each Soltoro common share held at the effective time of the arrangement, 0.00793 of an Agnico Eagle common share, one cent in cash and one common share of a newly formed Ontario company named Palamina Corp. valued at two cents per share, to be spun off to Soltoro shareholders under the proposed arrangement. Soltoro is seeking a final order of the Ontario Superior Court of Justice (commercial list) to approve the arrangement at a hearing scheduled to be held on June 8, 2015. In addition to the approval of the court, the arrangement is subject to the satisfaction of standard closing conditions customary in a transaction of this nature. It is currently expected that, subject to receipt of all approvals, the transaction will close on or around June 9, 2015.

Full details of the arrangement and certain other matters are set out in the management information circular of Soltoro dated May 5, 2015. A copy of the information circular and other meeting materials can be found on Soltoro's website or on SEDAR.

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