HUNTER AND SANU RESOURCES BUSINESS COMBINATION COMPLETED
20, 2009, Canadian Gold Hunter Corp. (CGH-TSX) (Canadian Gold Hunter) and Sanu
Resources Ltd. (SNU-TSXV) (Sanu) are pleased to
report that the previously announced business combination between the two
companies has closed.
shareholders approved the business combination at a special meeting held on
August 17, 2009, and the transaction has received all the requisite regulatory
and court approvals. Sanu is now a wholly-owned
subsidiary of Canadian Gold Hunter. Sanu’s
common shares are expected to be delisted from the TSX Venture Exchange shortly
to the Arrangement Agreement, Canadian Gold Hunter acquired all of the issued
and outstanding shares of Sanu on the basis of 0.5725
shares of Canadian Gold Hunter for each one Sanu
share (the Exchange Ratio). All outstanding Sanu
options and warrants have been exchanged for replacement options and
replacement warrants of Canadian Gold Hunter based on the Exchange Ratio.
Dr. Wojtek Wodzicki, President and
CEO of Canadian Gold Hunter, commented, This transaction represents a pooling
of the expertise of two well-regarded exploration companies and its resulting
globally diversified portfolio provides a platform for entry into all major
regions. The combined entity will move forward as a more powerful and
relevant company with a significantly enhanced profile in the market
place. We are excited about the opportunities ahead of us and look
forward to much success and growth in the years to come.
connection with the business combination, Dundee Securities Corporation
provided financial advice and a fairness opinion to the special committee of
the Board of Directors of Sanu.
Gold Hunter is also pleased to announce the appointment of Mr. Michael Winn to
the Company’s Board of Directors.
served as a director of Sanu from March 2004, until
the closing of the Company’s business combination with Sanu on August 20, 2009. Mr. Winn is currently
President of Terrasearch Inc., a consulting company
that provides investment analysis and financial services to companies operating
in the oil & gas mining, and energy sectors. Prior to forming his
company in 1997, Mr. Winn spent four years as an analyst for a Southern California based brokerage firm where he was
responsible for the evaluation of emerging oil and gas and mining
companies. Mr. Winn has worked in the oil and gas industry since 1983 and
the mining industry since 1992, and is also a director of several companies
operating in Canada, Latin
America, Europe and Africa. Mr. Winn has
completed graduate course work in accounting and finance and received a B.S. in
geology from the University
of Southern California.
Dr. Wodzicki commented, We are very
pleased to have Michael join Canadian Gold Hunter’s Board. He
brings a wealth of financial and industry expertise to the Board.
Brian Bayley, Richard Clark and Neil O’Brien have resigned
from the Board of Directors of Sanu to adjust for Sanu’s Canadian Gold Hunter subsidiary status.
Canadian Gold Hunter
Gold Hunter Corp. is an international, multi-commodity exploration company with
a large portfolio of gold/copper projects in Canada,
Mexico and several countries
in South America and Africa. Projects
range from grass-roots to advanced resource-definition stage.
ON BEHALF OF THE