VANCOUVER, BC, May 25, 2023
/CNW/ - ATAC Resources Ltd. ("ATAC") (TSXV: ATC) (OTCQB:
ATADF) is pleased to announce the mailing of an information
circular (the "Circular") prepared in connection with the
special meeting of ATAC securityholders to 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
"Meeting").
At the meeting, ATAC's securityholders will be asked to consider
and approve the proposed acquisition of all of the issued and
outstanding common shares of ATAC by Hecla Mining Company
("Hecla") (NYSE:HL) by way
of a plan of arrangement (the "Arrangement") announced on
April 6, 2023. Pursuant to the
Arrangement, ATAC's shareholders will receive, for each ATAC share
held at the effective time of the Arrangement, consideration
consisting of: (i) 0.0166 shares of Hecla common stock; plus (ii)
0.100 shares of Cascadia Minerals Ltd., a new company formed to
hold ATAC's rights and interests with respect to the Catch, Pil,
Rosy and Idaho Creek properties. For further information on the
Arrangement, please refer to the Circular.
As further described in the Circular, the board of directors of
ATAC (the "Board") has evaluated the Arrangement with its
management and legal and financial advisors and, following receipt
and review of a unanimous recommendation from the special committee
of the Board in favour of the Arrangement, the Board unanimously
determined that the Arrangement is in ATAC's best interests, and
unanimously recommends that ATAC securityholders vote in favour of
the Arrangement at the Meeting. Each director and officer of ATAC
has agreed to vote all of their ATAC securities in favour of the
Arrangement at the Meeting.
The Circular, together with letters of transmittals and related
proxy materials (collectively, the "Meeting Materials") have
been mailed to ATAC securityholders in accordance with applicable
securities laws. The Meeting Materials are also available on SEDAR
(www.sedar.com) under ATAC's profile and ATAC's website
(www.atacresources.com).
If all necessary approvals are obtained, ATAC expects that the
Arrangement will close in early July
2023.
About ATAC
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
Director
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
forward-looking statements:
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
Resources:
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
thereunder.
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.