VANCOUVER, BC, May 18, 2023
/CNW/ - ATAC Resources Ltd. ("ATAC") (TSXV: ATC) (OTCQB:
ATADF) is pleased to announce that on May
17, 2023, the Supreme Court of British Columbia granted an interim order (the
"Interim Order") in connection with the proposed acquisition
of all of the issued and outstanding common shares of ATAC (the
"ATAC Shares") by Hecla Mining Company ("Hecla") (NYSE:HL) by way of a plan of
arrangement (the "Arrangement"). For further information on
the Arrangement and the definitive arrangement agreement (the
"Arrangement Agreement") please refer to ATAC's news release
dated April 6, 2023.
The Interim Order, among other things, authorizes ATAC to call
and hold a special meeting (the "Meeting") of the holders
of: (i) the ATAC Shares (the "Shareholders"); (ii) ATAC
stock options (the "Optionholders"); and (iii) ATAC warrants
(the "Warrantholders", together with the Shareholders and
the Optionholders, the "Securityholders") to approve the
Arrangement under the Business Corporations Act
(British Columbia). In accordance
with the Interim Order, the Meeting will be held on June 23, 2023, at the offices of Stikeman Elliott
LLP, Suite 1700, 666 Burrard Street, Vancouver, BC, V6C 2X8 at 10:00 a.m. (Vancouver Time).
The record date for determining the Shareholders entitled to
receive notice and to vote at the Meeting has been fixed as the
close of business on May 9, 2023, as
will be more particularly described in the management information
circular of ATAC (the "Circular"), which will be mailed to
Securityholders. All Securityholders entitled to vote are
encouraged to vote in person or by proxy at the Meeting.
In connection with the Meeting, ATAC will mail the Circular,
together with letters of transmittals and related proxy materials
(collectively, the "Meeting Materials") to Securityholders
on or about May 25, 2023, in
accordance with applicable securities laws. The Meeting Materials
will also be available on SEDAR (www.sedar.com) under ATAC's
profile. Assuming no adjournment or postponement to the Meeting,
the cut-off time to vote by proxy will be 10:00 a.m. (Vancouver Time) on June 21, 2023.
To be effective, the Arrangement must be approved by a special
resolution passed at the Meeting by at least two-thirds (66 ⅔%) of
the votes cast at the Meeting in person or by proxy by: (i)
Shareholders; and (ii) Securityholders voting together as a single
If all necessary approvals are obtained, ATAC expects that the
Arrangement will close in early July
Amendment to the Arrangement
On May 12, 2023, ATAC,
Hecla and Alexco Resource Corp., a
wholly owned subsidiary of Hecla,
entered into an agreement amending the Arrangement Agreement (the
"Amending Agreement") in connection with certain tax and
structuring considerations. The Amending Agreement is available on
SEDAR (www.sedar.com) under ATAC's profile.
ATAC is a Canadian exploration company focused on exploring for
gold and copper in Yukon, BC and
Nevada. Work on its ~1,700
km2 Rackla Gold Property in Yukon has resulted in the Osiris Deposit
Indicated Resource of 732,000 oz of gold at 4.12 g/t (in 5.5 Mt)
and Inferred Resource of 1,044,000 oz of gold at 3.47 g/t (in 9.4
Mt), the Tiger Deposit Measured & Indicated Resource of 464,000
oz of gold at an average grade of 3.19 g/t (in 4.5 Mt), a positive
Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax
NPV of $118.2M and IRR of 54.5%), and
numerous early-stage gold and base metal discoveries.
The technical information in this news release has been approved
by Andrew Carne, M.Eng., P.Eng., VP
Corporate & Project Development for ATAC and a qualified person
for the purposes of National Instrument 43-101.
On behalf of ATAC Resources Ltd.
Graham Downs, President, CEO, and
NEITHER 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 NEWS RELEASE.
Cautionary note regarding
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ materially
from those contemplated by these statements. The statements in this
press release are made as of the date of this press release. ATAC
undertakes no obligation to update forward-looking information,
except as required by securities laws.
Cautionary Note to U.S. Investors
concerning estimates of Measured, Indicated, and Inferred
The mineral resource estimates included in this press release
have been prepared in accordance with Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects. The United
States Securities and Exchange Commission (the "SEC") has adopted
amendments to its disclosure rules to modernize the mineral
property disclosure requirements. U.S. investors are cautioned that
the disclosure ATAC provides on its mineral properties in this news
release may be different from the disclosure that an issuer subject
to SEC reporting requirements would otherwise be required to
provide. Therefore, the information contained in this news release
containing descriptions of ATAC's mineral properties may not be
comparable to similar information made public by U.S. companies
subject to reporting and disclosure requirements under the U.S.
federal securities laws and the rules and regulations
Additional information about the Tiger Deposit PEA is
summarized in ATAC's February 27,
2020 technical report titled "Technical Report and
Preliminary Economic Assessment for the Tiger Deposit, Rackla Gold
Project, Yukon, Canada", which can
be viewed at www.sedar.com under the ATAC profile or on the ATAC
website at www.atacresources.com. Additional information about the
Osiris Resource Estimate is summarized in ATAC's July 28, 2022 technical report titled "Technical
Report and Estimate of Mineral Resources for the Osiris Project,
Yukon, Canada", which can be
viewed at www.sedar.com under the ATAC profile
or on the ATAC website at www.atacresources.com.
SOURCE ATAC Resources Ltd.