THUNDER BAY, ONTARIO--(Marketwired - Jun 17, 2015) - Mega Precious Metals Inc. (TSX VENTURE:MGP) ("Mega" or the "Company") is pleased to announce that, at its annual and special meeting of shareholders held today (the "Meeting"), shareholders of Mega approved the previously announced plan of arrangement (the "Arrangement") with Yamana Gold Inc. ("Yamana"). Under the Arrangement, Yamana will, subject to the provisions of the arrangement agreement dated April 23, 2015 between Mega and Yamana (the "Arrangement Agreement"), acquire all of the outstanding shares of Mega for consideration of 0.02092 of a Yamana share and C$0.001 in cash per Mega share (the "Consideration").
The Arrangement was approved by approximately 91% of the votes cast at the Meeting. In addition, in accordance with Multilateral Instrumental 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Arrangement was also approved by 91% of the votes cast at the Meeting, after excluding votes cast in respect of common shares of Mega beneficially owned or controlled by Glen Kuntz, President, Chief Executive Officer and director of the Company.
Mega will be applying for the final court approval of the Arrangement on June 19, 2015. Subject to obtaining the final court approval and the remaining conditions being satisfied, it is anticipated that the closing of the Arrangement will occur on June 22, 2015.
Mega Precious Metals Inc.is a leading Canadian-based exploration company with a high quality pipeline of projects located in the mining friendly jurisdictions of Manitoba, Northwestern Ontario and Nunavut. The Company's significant portfolio includes the flagship Monument Bay Gold Tungsten Project in NE Manitoba as well as the N. Madsen Gold Project in the prolific gold mining district of Red Lake, Ontario. Mega has established a record of delivering rapid growth through their focused and low cost approach to exploration and resource development. The Company's common shares trade on the TSX Venture Exchange under the symbol MGP.
For further information and presentation material, please review the Mega website at www.megapmi.com.
Forward-looking Statements
Certain statements in this press release relating to the anticipated timing for obtaining the requisite court approval and the closing of the Arrangement are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including, but not limited to, expectations and assumptions that the Arrangement will close on the terms and time expected, and all regulatory approvals and other conditions will be received or satisfied for closing the Arrangement. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in Mega Precious Metal's filings which are posted on SEDAR at www.sedar.com.
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.