VANCOUVER,
May 31, 2011 /PRNewswire/ - New Gold
Inc. ("New Gold") (TSX:NGD) (AMEX:NGD) and Richfield Ventures Corp.
("Richfield") (TSXV:RVC) are pleased to announce that the
previously announced acquisition of Richfield by New Gold pursuant
to a plan of arrangement (the "Arrangement") was overwhelmingly
approved at a special meeting of Richfield securityholders on
May 30, 2011. The Arrangement, which
is expected to become effective on or about June 1, 2011, will result in New Gold acquiring
all of the issued and outstanding shares of Richfield.
Under the terms of the Arrangement, each
Richfield shareholder will receive 0.9217 of a New Gold common
share and a nominal cash payment of $0.0001 for each Richfield share held. In order
to receive the consideration, Richfield shareholders should follow
the instructions that are set out in Richfield's Notice of Special
Meeting and Management Information Circular dated April 26, 2011, available at www.sedar.com under
Richfield's SEDAR profile.
Richfield is seeking a final order of the
Supreme Court of British Columbia
to approve the Arrangement, which is expected to be granted on
May 31, 2011. Once the final order is
received, the Arrangement is expected to be completed on or about
June 1, 2011 and is subject to
customary regulatory consents and other approvals.
About New Gold Inc.
New Gold is an intermediate gold mining company.
The Mesquite Mine in the United
States, the Cerro San Pedro Mine in Mexico and Peak Gold Mines in Australia are expected to produce between
380,000 and 400,000 ounces of gold in 2011. The fully-funded New
Afton project in Canada is
scheduled to add further growth in 2012. In addition, New Gold owns
30% of the world-class El Morro project located in Chile. For further information on the company,
please visit www.newgold.com.
About Richfield Ventures Corp.
Richfield Ventures Corp. is a mineral
exploration company trading on the TSX Venture Exchange under the
symbol RVC. Richfield has been actively acquiring and exploring
mineral tenures in the Quesnel Trough and Nechako Plateau regions
of British Columbia. For further
information on the company, please visit
www.richfieldventures.ca.
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.
Cautionary Note Regarding Forward-Looking
Statements
Except for the statements of historical fact
contained, the information presented in this News Release
constitutes "forward-looking statements" or "forward-looking
information" within the meaning of Canadian securities legislation
(together referred to as "forward-looking statements"). These
statements relate to the grant of the final court order approving
the Arrangement, completion of the Arrangement and related matters.
Such statements were based upon certain assumptions made by
Richfield and/or New Gold with respect to the expected timeline for
receipt of outstanding consents and approvals. The forward-looking
statements are subject to risks, uncertainties and other factors
that may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
any delays in the receipt of consents or approvals. Although
Richfield and New Gold have attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements contained in
this News Release and in any document referred to in this News
Release.
Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date the
statements are made and neither Richfield nor New Gold undertakes
any obligation to update forward-looking statements if these
beliefs, estimates and opinions or other circumstances should
change, except as required by applicable law.
SOURCE New Gold Inc.