December 2, 2014
December 2, 2014, Vancouver, B.C.
— Further to their joint press release of November 20, 2014, Starcore International Mines Ltd. (TSX: SAM) (“Starcore”)
and American Consolidated Minerals Corp. (TSX-V: AJC) (“American Consolidated”)
announce the closing of their previously announced plan of arrangement
whereby Starcore was to acquire all of the outstanding common shares of
AJC. The transaction was completed pursuant to a plan of arrangement
”) in accordance with the Business Corporations Act
(British Columbia), which was approved by the British Columbia Supreme
Court on December 1, 2014. Shareholders of AJC approved the Arrangement
on November 20, 2014. All conditions of closing have now been
satisfied by both parties.
Pursuant to the Arrangement, the former shareholders of AJC will
receive, for each AJC common share held, one-third of a Starcore common
share. The former AJC shareholders hold approximately 5,856,397 common
shares of Starcore, representing approximately 3.92%, of the
approximately 149,371,862 outstanding common shares of Starcore.
With the completion of the Arrangement, AJC’s common shares have now
been halted from trading on the TSX Venture Exchange and are expected to
be delisted from the TSX Venture Exchange shortly. AJC will also apply
to cease to be a reporting issuer under the securities laws of British
Columbia, Alberta and Ontario.
For shareholders who held their AJC shares through a broker, the
issuance of Starcore shares in exchange for AJC common shares will be
processed through their broker. Registered shareholders of AJC will
receive instructions and a letter of transmittal which they must
complete and deposit with their AJC common share certificates with
Computershare Investor Services Inc. in order to receive their Starcore
shares. Details of the required process are set forth in AJC’s
management information circular dated October 14, 2014, a copy of which
is available under AJC’s profile at www.sedar.com
Any questions regarding the exchange of AJC common shares for Starcore
shares, including any request for another letter of transmittal, should
be directed to your broker, if applicable, or the depositary,
Computershare Investor Services Inc., via telephone at 1 (800) 564-6253.
Details of the Arrangement are contained in AJC’s management
information circular filed at www.sedar.com
on October 27, 2014.
Starcore is engaged in exploring, extracting and processing gold and
silver through its wholly-owned subsidiary, Compañia Minera Peña de
Bernal, S.A. de C.V., which owns the San Martin mine in Queretaro,
Mexico. Starcore is a public reporting issuer listed on the Toronto
Stock Exchange. Starcore is also engaged in owning, acquiring,
exploiting, exploring and evaluating mineral properties, and either
joint venturing or developing these properties further. Starcore has
interests in properties which are exclusively located in Mexico.
More information on Starcore is available at www.starcore.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:
Starcore International Mines Ltd.
Interim President & CEO
American Consolidated Minerals Corp.
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