Brett Shareholders Approve Plan of Arrangement With Osisko
August 12 2010 - 4:48PM
Marketwired
Osisko Mining Corporation ("Osisko") (TSX: OSK) (FRANKFURT: EWX)
and Brett Resources Inc. ("Brett") (TSX VENTURE: BBR) (FRANKFURT:
A4N) are pleased to announce that their previously announced Plan
of Arrangement (the "Arrangement") has been approved by the
shareholders of Brett at a special meeting of Brett shareholders
held on August 11, 2010.
On August 12, 2010, the Supreme Court of British Columbia issued
a final order approving the Arrangement. The Arrangement is
expected to become effective on or about August 13, 2010. The
common shares of Brett (the "Brett Shares") are expected to be
de-listed from the TSX Venture Exchange two or three business days
following the effective date of the Arrangement. In addition, Brett
intends to apply to the relevant provincial securities regulators
to cease to be a reporting issuer.
Under the terms of the Arrangement, each Brett shareholder will
receive 0.34 Osisko common shares and $0.0001 in cash for each
Brett Share held (the "Exchange Consideration"). The Exchange
Consideration is the same consideration that Osisko offered and
paid under its offer dated April 13, 2010 (the "Offer"). The
Arrangement constitutes the subsequent acquisition transaction, as
contemplated under the Offer, by which Osisko will acquire all of
the remaining Brett Shares not already owned by Osisko.
In order to receive the Exchange Consideration, former Brett
shareholders that held their Brett Shares registered in their
names, must complete the letter of transmittal which accompanied
the Brett information circular dated July 13, 2010 and deposit it,
together with their Brett share certificates, with CIBC Mellon
Trust Company. Complete instructions are set out in the information
circular and the accompanying letter of transmittal. The
information circular and a copy of the letter of transmittal are
available on Brett's profile at www.sedar.com. Former Brett
shareholders who held their Brett shares through intermediary banks
or brokerage houses should contact their bank or broker to
determine what action, if any, they need to take to receive the
Exchange Consideration.
About Osisko Mining Corporation
Osisko Mining Corporation is currently developing the Canadian
Malartic gold deposit and evaluating adjacent areas for a
large-scale open pit, bulk-tonnage mining operation. The Canadian
Malartic deposit currently represents one of the biggest gold
reserves in Canada for a single deposit, and is still growing
through ongoing drilling on new mineralized zones.
About Brett Resources Inc.
Brett Resources Inc. is a Canadian minerals exploration company
whose primary mandate is the discovery, acquisition, and
development of precious metals systems, with particular expertise
in Canada and Latin America. Since 2006 Brett's primary focus has
been the 100 percent owned Hammond Reef Gold Deposit in
Ontario.
Forward-Looking Information
Certain statements contained in this press release may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact, that address events or
developments that Osisko and Brett expect to occur, are forward
looking statements. Forward looking statements are statements that
are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential",
"scheduled" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although Osisko
and Brett believe the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
including, without limitation that all technical, economical and
financial conditions will be met in order to put the Canadian
Malartic Project and the Hammond Reef Gold Project into commercial
production, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include gold prices, access to skilled consultants,
mining development and mill production personnel, results of
exploration and development activities, Osisko and Brett's limited
experience with production and development stage mining operations,
uninsured risks, regulatory changes, defects in title, availability
of personnel, materials and equipment, timeliness of government
approvals, actual performance of facilities, equipment and
processes relative to specifications and expectations,
unanticipated environmental impacts on operations market prices,
continued availability of capital and financing and general
economic, market or business conditions. These factors are
discussed in greater detail in Osisko and Brett's most recent
Annual Information Forms, both of which are filed on SEDAR, which
also provide additional general assumptions in connection with
these statements. Osisko and Brett caution that the foregoing list
of important factors is not exhaustive. Investors and others who
base themselves on the forward-looking statements contained herein
should carefully consider the above factors as well as the
uncertainties they represent and the risk they entail. Osisko and
Brett believe that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this press release should
not be unduly relied upon. These statements speak only as of the
date of this press release.
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.
Contacts: Osisko Mining Corporation John Burzynski
Vice-President Corporate Development (416) 363-8653 Sylvie
Prud'homme Manager, Investor Relations (514) 735-7131 Toll Free: 1
(888) 674-7563 Brett Resources Inc. Connie Norman Corporate
Secretary
Brett Resources (TSXV:BBR)
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