International Tower Hill Receives Final Order Approving Corvus Gold Inc. Spin-out Arrangement
August 23 2010 - 5:20PM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce that on
Friday, August 20, 2010, the Supreme Court of British Columbia
granted the final order approving the Plan of Arrangement under the
Business Corporations Act (BC) under which the Company will
spin-out its Alaska and Nevada projects (other than the Livengood
Project) to Corvus Gold Inc. The effective time for the
implementation of the Plan of Arrangement is expected to be 12:01
am (Vancouver time) on Thursday, August 26, 2010 ("Effective
Time").
The Company will be mailing Letters of Transmittal to all
registered shareholders today. If your current ITH common shares
("Existing ITH Shares" - CUSIP 46051L104) are held through your
broker, your broker, or the depositary with which your broker holds
such shares, will be responsible for dealing with the exchange of
Existing ITH Shares for new ITH common shares ("New ITH Shares")
and the distribution of Corvus common shares ("Corvus Shares") on
your behalf.
To receive certificates representing New ITH Shares and Corvus
Shares, registered shareholders must surrender their certificates
for Existing ITH Shares, together with a duly completed Letter of
Transmittal, to Computershare Investor Services Inc. ("Depositary")
at the address shown on the Letter of Transmittal. Upon surrender
to the Depositary for cancellation of a certificate which,
immediately prior to the Effective Time, represented Existing ITH
Shares, together with a properly executed Letter of Transmittal,
the holder of such surrendered certificate will be entitled to
receive, and the Depositary will deliver to such holder,
certificates representing that number (rounded down to the nearest
whole number) of New ITH Shares and Corvus Shares that such holder
has the right to receive pursuant to the Plan of Arrangement and
the surrendered certificate will be cancelled.
In the event of a transfer of ownership of Existing ITH Shares
that is not registered in the transfer records of the Company,
certificates representing the proper number of New ITH Shares and
Corvus Shares may be issued to the transferee if the certificate
representing such Existing ITH Shares is presented to the
Depositary, accompanied by all documents required to evidence and
effect such transfer. Until surrendered, each certificate which,
immediately prior to the Effective Time, represented Existing ITH
Shares will be deemed, at any time after the Effective Time, to
represent only the right to receive upon such surrender the
certificates representing New ITH Shares and Corvus Shares that the
holder thereof has the right to receive in respect of such
certificate pursuant to the Plan of Arrangement.
The Company anticipates that, within a few days after August 26,
2010, and subject to compliance with all of the TSX requirements,
including receipt by the TSX of all required documentation, the
Corvus Shares will commence trading on the TSX. The New ITH Shares
will commence trading at the same time. Advance notice of the
commencement of such trading will be provided by press release.
About Corvus Gold Inc. (Post Effective Time)
Corvus Gold Inc. is a resource exploration company, focused in
Alaska and Nevada, which controls a number of exploration projects
representing a spectrum of early stage to the more advanced North
Bullfrog Project in Nevada. Corvus is committed to building
shareholder value through new discoveries while maintaining a
majority interest in its key holdings, thereby giving its
shareholders the maximum value for their investment.
About International Tower Hill Mines Ltd. (Post Effective
Time)
International Tower Hill Mines Ltd. is a resource exploration
company, focused in Alaska, which controls the advanced
multimillion ounce gold discovery at Livengood. ITH is committed to
building shareholder value through aggressively proceeding with the
ongoing development of the Livengood project, located 70 miles
north of Fairbanks, Alaska along the paved, all weather Elliott
Highway, the Trans Alaska Pipeline Corridor, and the proposed
Alaska natural gas pipeline route.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 27E of
the Exchange Act. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated completion of the arrangement
spin-out involving the Company and Corvus Gold Inc. and the listing
of the common shares of Corvus on the TSX, are forward-looking
statements. Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend,
estimate, postulate and similar expressions, or are those, which,
by their nature, refer to future events. The Company cautions
investors that any forward-looking statements by the Company are
not guarantees of future results or performance, and that actual
results may differ materially from those in forward looking
statements as a result of various factors, including, but not
limited to, the failure of the Company and Corvus to satisfy the
conditions precedent to the listing of the Corvus shares on the
TSX. Other risks and uncertainties are disclosed in the Company's
annual information form filed with Canadian securities commission
and its annual report on Form 40-F filed with the United States
Securities and Exchange Commission, and other information released
by the Company and filed with the appropriate regulatory agencies.
All of the Company's Canadian public disclosure filings may be
accessed via www.sedar.com and its United States public disclosure
filings may be accessed via www.sec.gov, and readers are urged to
review these materials, including the technical reports filed with
respect to the Company's mineral properties.
NR10-28
Contacts: International Tower Hill Mintes Ltd. Quentin Mai
Vice-President - Corporate Communications 1-888-770-7488 (toll
free) or (604) 683-6332 (604) 408-7499 (FAX)
qmai@internationaltowerhill.com www.internationaltowerhill.com
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jun 2024 to Jul 2024
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jul 2023 to Jul 2024