- Special meeting of Murgor securityholders to be held on
February 24, 2015
- Murgor and Alexandria Minerals Corporation proceeding with
Plan of Arrangement
KINGSTON, ON, Jan. 27,
2015 /CNW/ - Murgor Resources Inc. (TSX-V: MGR) is pleased
to announce that it today obtained an interim order from the Québec
Superior Court with respect to Murgor's previously-announced Plan
of Arrangement with Alexandria Minerals Corporation (TSX-V: AZX;
Frankfurt: A9D). The Plan of Arrangement provides that holders of
Murgor common shares (other than Alexandria and Murgor shareholders validly
exercising dissent rights) will receive 0.50 of an Alexandria common share in exchange for each
Murgor common share and holders of Murgor stock options who do not
exercise such options prior to the effective time of the
Arrangement will receive stock options of Alexandria (the "Replacement Alexandria
Options") entitling the holder thereof to acquire 0.50 of an
Alexandria common share for each
Murgor common share the holder would have otherwise been entitled
to acquire. The Replacement Alexandria Options will have an
exercise price of $0.12 and will
expire on the earlier of the expiration date of the Murgor stock
options and twelve months following the effective date of the
Arrangement.
The interim order, among other things, authorizes Murgor to call
and hold a special meeting of Murgor securityholders to consider
the Plan of Arrangement with Alexandria. In accordance with the interim
order, the special meeting of securityholders will be held in
Montreal on February 24, 2015, with a record date at the
close of business on January 19,
2015.
In connection with the special meeting, Murgor expects to mail a
detailed management information circular to Murgor securityholders
on or about January 28, 2015. The
circular will include the unanimous recommendation of Murgor's
Board that Murgor securityholders vote for the Arrangement with
Alexandria. The circular will also
be available on SEDAR under Murgor's profile at www.sedar.com.
Murgor also announces that two additional Murgor shareholders,
collectively holding approximately 12.48% of Murgor's outstanding
shares, have agreed pursuant to a support and voting agreement to
support, and vote in favour of, the Arrangement. As of today, each
of the directors and senior officers of Murgor and certain other
Murgor shareholders (including the two additional shareholders
referred to above) who hold, in the aggregate, approximately 22.59%
of the outstanding Murgor common shares and 67.09% of the
outstanding Murgor stock options, have entered into voting
agreements with Alexandria
agreeing to support, and vote their Murgor common shares and Murgor
stock options, if applicable, in favour of, the Arrangement,
subject to certain exceptions.
Forward-Looking Statements
This press release contains
forward-looking statements relating to the Arrangement. Statements
based on the current expectations of Murgor's management contain
known and unknown inherent risks and uncertainties and no assurance
can be given that potential future results or circumstances will be
achieved or will occur. In particular, the timing and completion of
the proposed Arrangement are subject to certain conditions,
termination rights and other risks and uncertainties. Accordingly,
there can be no assurance that the proposed Arrangement will occur,
or that it will occur on the timetable or on the terms and
conditions contemplated. The reader should not place undue faith on
forward-looking information. Management disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or
circumstances.
About Murgor Resources
Murgor Resources Inc. is a
mineral exploration and development company focused on gold and
copper exploration in Canada.
Murgor owns a 100% interest in two gold-copper deposits in the
Snow Lake and Flin Flon mining districts of Manitoba. Murgor further owns a portfolio of
high-potential gold properties in proven mining districts of
Canada, such as the Gullrock
property and its newly-acquired Wydee Property in Ontario.
Neither 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.
SOURCE Murgor Resources Inc.