Skeena Completes Aquisition of Mount Rainey SIlver
Shareholders of Mount Rainey Silver voted in favour of the resolution approving the Arrangement at a special meeting of shareholders of Mount Rainey Silver held on September 9, 2016. A final order approving the Arrangement was granted by the Supreme Court of British Columbia on September 12, 2016.
In connection with the closing of the Arrangement, Skeena, Mount Rainey Silver, Raimount Oil & Gas Inc. (“Raimount”), and Manitok Energy Inc. (the parent company of Raimount) entered into an agreement, pursuant to which Mount Rainey Silver acquired the Glacier Creek Claims from Raimount, and extinguished existing liabilities aggregating approximately $160,000 owing from Mount Rainey Silver to Raimount, in exchange for the issuance to Raimount by Skeena of 1,450,000 Skeena Shares. The Glacier Creek Claims are 45 crown-granted claims covering approximately 1,630 acres located in the Glacier Creek / Albany Creek area on the east side of the Bear River Valley in British Columbia, together with 12 municipal lots located in Stewart, British Columbia.
Mount Rainey Silver’s primary asset is a 100% owned portfolio of 46 Crown-granted mineral claims covering the past-producing, underground Prosperity–Porter Idaho–Silverado silver property located in the Golden Triangle of northwest British Columbia in the Skeena Mining Division.
In order to receive Skeena Shares in exchange for their Mount Rainey Silver Shares, Mount Rainey Silver’s registered shareholders must complete, sign, date and return the letter of transmittal that was mailed to each registered shareholder of Mount Rainey Silver in accordance with the instructions set out in the letter of transmittal.
Walt Coles Jr.
President & CEO
For more information please call:
Tony Perri, Investor Relations Manager
+1 604 684 8725
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein may constitute “forward looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation, including, among other things, information with respect to this presentation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”, “expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
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