CTT Citation Resources

Inlet Resources Ltd. ("Inlet") (TSX VENTURE:INL) and Citation Resources Inc.
("Citation") (TSX VENTURE:CTT) are pleased to announce that they have
successfully completed the plan of arrangement (the "Arrangement") announced on
April 22, 2014, whereby Inlet has acquired all of the issued and outstanding
shares in the capital of Citation. The Arrangement was approved by the
shareholders of Citation on June 30, 2014 and approved by the Supreme Court of
British Columbia on July 3, 2014.


Pursuant to the terms of the Arrangement, shareholders of Citation received 0.5
of a share of Inlet for each one Citation share held. In addition, two former
directors of Citation, Matthew Watson (who was also Citation's Chief Executive
Officer) and Robert McMorran, were elected as directors of Inlet. Additional
details of the Arrangement are in the Citation Management Information Circular
dated as of May 29, 2014, which can be found on SEDAR at www.sedar.com under
Citation's profile.


David Baker, Chief Executive Officer of Inlet, commented "We are pleased to
welcome our new shareholders from Citation and we thank them for their strong
support of this transaction. Together with our new board members, we look
forward to continuing Citation's previous work of exploring the Biricu Project
in Mexico's Guerrero Gold Belt". 


With the completion of the Arrangement, the Citation shares will be delisted
from the TSX Venture Exchange on or about the close of business on July 8, 2014.


Financing Update

Inlet is also pleased to report that it has made significant progress in
advancing its previously announced private placement financing (the
"Financing"), and it expect to close the Financing in the coming days.


Exchange of Citation Shares

As a result of the acquisition, Inlet will issue a total of 19,784,644 common
shares for the 39,569,287 common shares of Citation that were outstanding
immediately prior to the effective time of the Arrangement. 


All previously outstanding stock options of Citation have been exchanged for
options to acquire common shares of Inlet at the same exchange ratio of 0.5 of
an Inlet share for each one Citation share to which such holder was previously
entitled, for the same consideration. 


For Citation shareholders who hold their shares through a broker, the exchange
of the Citation shares for Inlet shares will be processed through their broker.
For Citation shareholders who hold their shares in registered form, the new
Inlet share certificates will be processed after they deposit their old Citation
share certificates, along with a duly completed Letter of Transmittal, with
Computershare Investor Services ("Computershare"), the depository for the
transaction, in accordance with the instructions in the Letter of Transmittal.
The Letters of Transmittal are being sent by Computershare to former registered
Citation shareholders in the coming days. 


Any questions regarding exchange of shares, including request for another form
of Letter of Transmittal, should be directed to your broker if applicable or
Computershare via telephone at 1-800-564-6253 or via email at
corporateactions@computershare.com.


Biricu Project

Citation has an option agreement with Esperanza Resources Corp. (a subsidiary of
Alamos Gold Inc.) to acquire a 100% interest in the Biricu Project mineral
exploration concession located in Guerrero State, Mexico. The Biricu Project
comprises more than 41,000 hectares of highly prospectable ground and management
believes that the Biricu Project is the direct on-strike extension of five skarn
deposits in the Guerrero Gold Belt (El Limon-Los Guajes - Torex Gold Resources
Inc.; Bermejal, Los Filos, and Nukay - Goldcorp Inc.; Ana Paula - Newstrike
Capital Inc.).


About Inlet

Inlet Resources Ltd. is a publicly listed company that trades under the symbol
"INL" on the TSX Venture Exchange as a junior resource company with a focus on
acquiring mineral projects that will provide the opportunity to enhance
shareholder value. Inlet is incorporated in British Columbia, Canada.


On behalf of the Boards of Directors 

David Baker, President and Chief Executive Officer 

Inlet Resources Ltd.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of

the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.


Cautionary Note Regarding Forward Looking Information

Certain statements in this news release contain forward-looking information.
These statements include, but are not limited to the Biricu Project and the
closing of the private placement. These statements address future events and
conditions and, as such, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
to be materially different from any future results, outcome, performance or
achievements expressed or implied by the statements. Such factors include, among
others, risks related to the availability of financing and the future price of
metals. With respect to the Biricu Project, risk factors include the price of
metals, results of exploration activities, relations with locals, the
availability of exploration equipment, and risks related to the exercise of the
option agreement with Esperanza Resources Corp. There can be no assurances that
such statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. Accordingly,
the reader should not place any undue reliance on forward-looking information or
statements. Inlet undertakes no obligation to update forward-looking information
or statements, other than as required by applicable law. Inlet makes no
implication that the mineralization of the property comprising the Biricu
Project will be similar to that of adjacent properties.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Inlet Resources Ltd.
David Baker
President and Chief Executive Officer
(604) 817-4211 or (604) 605-0777

Citation Resources (TSXV:CTT)
Historical Stock Chart
From Oct 2024 to Nov 2024

Citation Resources (TSXV:CTT)
Historical Stock Chart
From Nov 2023 to Nov 2024