Anthem Resources Inc.: Boss Power Closes Settlement with Government
02 Juni 2014 - 4:04PM
Marketwired
Anthem Resources Inc.: Boss Power Closes Settlement with Government
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 2, 2014) -
Anthem Resources (TSX-VENTURE:AYN) ("Anthem") is pleased to report
that Boss Power Corp. (TSX-VENTURE:BPU) ("Boss Power") has closed
on its settlement agreement with the province of British Columbia
dated October 19, 2011. As a result, the province paid
$30,356,422.67 in full and final settlement of Boss Power's lawsuit
against the province for the deemed expropriation of the Blizzard
uranium deposit and related claims.
The settlement proceeds were paid out pursuant to a binding
letter agreement announced April 1, 2014, between Boss Power and
Morning Star Resources Ltd., Magic Dragon Ventures Ltd. and Anthony
Beruschi (collectively, the "Beruschi Parties"), which required the
settlement proceeds be disbursed as follows: (i) $3,600,000 to
Anthony Beruschi; (ii) $2,500,000 to Boss Power for interim funding
purposes; and (iii) the balance of the settlement proceeds held in
trust pending completion of a divisive reorganization of Boss Power
by way of plan of arrangement under the Business Corporations Act
(British Columbia) (the "Arrangement") as more particularly
described in the Anthem and Boss Power press releases dated April
1, 2014.
The Arrangement will effect a division of Boss Power by way of a
newly incorporated spin out corporation ("Newco") that will receive
$0.322 of cash per share for shareholders that elect to become
shareholders of Newco rather than Boss Power. It is expected that
all Beruschi Parties will elect to become shareholders of Newco.
Other Boss Power shareholders that do not elect to become
shareholders of Newco will continue to be shareholders of Boss
Power, which will have as its primary assets the balance of the
proceeds from the settlement, estimated to have a cash value of
approximately $0.35 per share after the completion of the
Arrangement.
The completion of the Arrangement is subject to various
conditions, including approval of Boss Power shareholders, approval
by the British Columbia Supreme Court, regulatory approvals
including the approval of the TSX Venture Exchange and customary
closing conditions for a transaction of this nature. The
Arrangement is now expected to close by August 2014.
About Anthem Resources
Anthem Resources Inc. is a Canadian exploration company, which
holds a number of mineral properties, joint ventures and royalty
interests. Anthem also owns a portfolio of securities in various
junior exploration companies including 27,250,000 shares of Boss
Power.
On Behalf of the Board of Directors of
ANTHEM RESOURCES INC.
Walter Coles Jr., President & CEO
Forward-Looking Information: This release contains
forward-looking information within the meaning of applicable
Canadian securities legislation. All statements, other
than statements of historical fact, included herein including,
without limitation, plans for and intentions with respect to the
Arrangement, are forward-looking statements. Forward-looking
statements involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from Anthem's expectations
include uncertainty as to the completion of the Blizzard Settlement
and the Transaction in accordance with the terms and conditions of
the binding letter agreement; the accuracy of management's
assessment of the effects of the successful completion of the
transaction; the timing and prospects for Boss Power's shareholder
acceptance of the Arrangement and the implementation thereof; and
the satisfaction of any conditions to an Arrangement. Anthem's
forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made. Anthem assumes no
obligation to update the forward-looking statements of beliefs,
opinions, projections, or other factors, should they
change.
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.
Anthem Resources Inc.Walter Coles, Jr.President/CEO(604)
568-7709(604) 669-2543Anthem Resources Inc.Tony PerriInvestor
Relations, Manager(604) 568-7709(604)
669-2543www.anthemresourcesinc.com
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