November 20, 2014
November 20, 2014, Vancouver, B.C. — Starcore International Mines Ltd. (TSX: SAM) (“Starcore”) and American Consolidated Minerals Corp. (TSX-V: AJC) (“American Consolidated” or the “Company”)
are pleased to announce that the American Consolidated shareholders
have approved the previously announced proposed acquisition of American
Consolidated by Starcore, pursuant to a plan of arrangement (the “Transaction”).
The Transaction was approved by American Consolidated’s shareholders at the Company’s Special Meeting (the “Meeting”)
held on November 20, 2014. At the Meeting 4,509,614 votes were cast in
connection with the special resolution approving the Transaction with
4,483,714 votes cast for the motion (99.43%) and with 25,900 votes cast
against the motion (0.57%).
The Transaction is expected to be completed on or about December 1, 2014
upon the satisfaction or waiver of all of the conditions set out in the
arrangement agreement (the “Arrangement Agreement”)
entered into by American Consolidated and Starcore on October 1, 2014,
including approval by the Supreme Court of British Columbia at a hearing
scheduled for December 1, 2014. Upon completion of the Transaction,
Starcore will acquire all of the outstanding common shares of American
Consolidated through the issuance of one-third of a Starcore common
share in exchange for each American Consolidated common share.
Following completion of the Transaction, American Consolidated will be
de-listed from the TSX Venture Exchange.
Full details of the terms of the Transaction are set out in American
Consolidated’s management information circular dated October 14, 2014,
which is available on SEDAR at www.sedar.com. Additional information about American Consolidated is available on its website at www.americanconsolidatedminerals.com.
Neither the Toronto Stock Exchange nor 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.
Not for distribution to U.S. Newswire Services or for dissemination in
the United States. Any failure to comply with this restriction may
constitute a violation of U.S. Securities laws.
For further information contact:
Interim President & CEO
American Consolidated Minerals Corp.
Starcore International Mines Ltd.
Statements in this press release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed here and elsewhere in both Starcore’s and
American Consolidated’s periodic filings with Canadian securities
regulators. When used in this press release, words such as “will, could,
plan, estimate, expect, intend, may, potential, should,” and similar
expressions, are forward-looking statements. Information provided in
this document is necessarily summarized and may not contain all
available material information. The terms of the arrangement are subject
to the Arrangement Agreement, the full text of which is available on
the SEDAR website at www.sedar.com.
Forward-looking statements may include, without limitation, statements
regarding the completion and expected benefits of the proposed
transaction and other statements that are not historical facts.
Forward-looking statements are based on a number of assumptions and
estimates that, while considered reasonable by management based on the
business and markets in which Starcore and American Consolidated
operate, are inherently subject to significant operational, economic and
competitive uncertainties and contingencies. Assumptions upon which
forward looking statements relating to the transaction have been made
include that Starcore and American Consolidated will be able to satisfy
the conditions in the Arrangement Agreement and that all required third
party, regulatory, stock exchange, court and government approvals will
Although American Consolidated has attempted to identify important
factors that could cause actual results, performance or achievements to
differ materially from those contained in the forward-looking
statements, there can be other factors that cause results, performance
or achievements not to be as anticipated, estimated or intended. There
can be no assurance that such information will prove to be accurate or
that management’s expectations or estimates of future developments,
circumstances or results will materialize. As a result of these risks
and uncertainties, the proposed transaction could be modified,
restricted or not completed, and the results or events predicted in
these forward looking statements may differ materially from actual
results or events.
Accordingly, readers should not place undue reliance on forward-looking
statements. The forward-looking statements in this press release are
made as of the date of this press release and American Consolidated
disclaims any intention or obligation to update or revise such
information, except as required by applicable law.
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