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Hathor Exploration Limited (TSX: HAT)
("Hathor") and Terra Ventures
Inc. (TSX-V:TAS) ("Terra") are pleased to announce that at a
special meeting of Terra shareholders held on August 2, 2011 in Vancouver,
British Columbia (the "Meeting"), the Terra shareholders
voted, by special resolution, to approve the proposed plan of arrangement
with Hathor (the "Arrangement").
In total, 104 Terra shareholders representing a total of 25,741,027 shares,
representing 41.56% of Terra's issued and outstanding shares were
represented by proxy or in person at the Meeting. There were a total of
24,392,707 Terra shares that were voted to approve the Arrangement,
representing 95.9% of all of the votes attached to the Terra shares cast by
shareholders, present in person or represented by proxy, at the Meeting.
James Hutton, Terra's chairman notes, "The overwhelming positive
endorsement from Terra's shareholders supports the value and synergies of
this Arrangement."
The Arrangement consolidates a 100% interest in both the Roughrider uranium
deposit and the large and prospective Russell Lake exploration project,
located at either end, respectively, of the prolific eastern corridor of
the Athabasca Basin.
Both companies believe this consolidation of property ownership will create
value to a degree not possible for either company to achieve on its own. Hathor shareholders are expected to realize full value
for the mineral resource potential of the Roughrider deposit as it grows.
Terra shareholders are expected to benefit more from full participation in
Roughrider and in all of Hathor's other
properties, including Russell Lake.
Hathor and Terra believe the combination of the
two companies is a natural progression in the ongoing advancement of the
Roughrider uranium deposit. This consolidation compliments and builds on
the recent expansion and strengthening of Hathor's
expert uranium exploration and management teams, the conversion of the
Roughrider mineral claim to mineral lease, and the graduation of Hathor from the TSX Venture Exchange to a full listing
on the Toronto Stock Exchange.
Michael Gunning, Hathor's President & CEO
comments, "The consolidation of the ownership of the Roughrider
deposit will strengthen our company and provide a greater opportunity to
maximize value for our shareholders."
For details of the Arrangement, please see Terra's management information
circular dated June 30, 2011 and Terra and Hathor's
joint press releases dated April 18, 2011, May 9, 2011 and July 7, 2011,
all having been filed on Terra and Hathor's
respective profiles on SEDAR at www.sedar.com. On completion of the
Arrangement, Terra's shareholders will hold approximately 10% of the pro
forma outstanding shares of Hathor, on a
fully-diluted basis.
Terra's application to the Supreme Court of British Columbia to obtain the
final court order approving the Arrangement is scheduled for Thursday,
August 4, 2011. Assuming court approval is obtained and that all other
conditions to the Arrangement are satisfied or waived, the Arrangement is
expected to become effective on or before August 11, 2011.
About Hathor
Hathor is a publicly-traded mineral exploration
company listed on the Toronto Stock Exchange trading under the symbol HAT. Hathor is focused on uranium exploration in the
Athabasca Basin region of Saskatchewan and Alberta. The Athabasca Basin is
the pre-eminent exploration district in the world for high grade uranium,
and for the past 30 years has been responsible for between 20 and 30% of
global annual uranium mine production. Hathor's
Roughrider uranium deposit is within the northern part of the main
uranium-producing eastern corridor of the Athabasca Basin. The property has
been converted from mineral claim to mineral lease, and following the
discovery in 2008, Hathor continues to drill,
update and optimize the overall resource potential of three different
mineral zones identified to date. Terra owns a 10% interest in the largest
claim on the property containing the entire deposit known to date, carried
to the completion of a positive feasibility study and announcement of
intent for commercial production. Hathor's
exploration pipeline behind Roughrider is highlighted by the 74,000 ha
Russell Lake property located in the southern portion of the eastern
corridor of the Basin. The property has numerous early stage targets in
various stages of development and testing. Terra owns an 8% interest in the
Russell Lake South property, carried to the completion of a positive
feasibility study and announcement of intent for commercial production.
About Terra
Terra is a junior exploration company focused on
acquiring and developing quality uranium projects which have world class
potential. Terra is listed on the TSX Venture Exchange under the symbol
TAS. Terra's principal property interests currently consist of an interest
or option in the Roughrider uranium deposit, South Russell project, and the
Wheeler River area properties, all of which are in Saskatchewan's Athabasca
Basin. With respect to Wheeler River, Terra has an option to earn up to a
95% interest in this prospect which adjoins the Wheeler River property of
Denison Mines Corp. (60%) and Cameco Corp. (30%).
Terra is currently carrying on its exploration program of the Wheeler River
property, to include drilling in the normal course of business. Terra also
holds a 10% production carried interest in 34 claims held by Titan Uranium
Inc. in seven separate projects located in the southwestern and
northeastern parts of the Athabasca Basin, Saskatchewan.
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