Creston Moly Corp. ("Creston" or the Company") (TSX VENTURE: CMS)
announced today that ISS Proxy Advisory Services ("IIS") and Glass,
Lewis & Co., LLC ("Glass Lewis"), the two leading independent
proxy research and advisory firms, have published reports
recommending that Creston shareholders ("Shareholders") vote FOR
the proposed arrangement agreement to which Mercator Minerals Ltd.
("Mercator") will acquire all issued and outstanding common shares
of Creston by way of a plan of arrangement (the "Arrangement").
The Board of Directors of Creston, after receiving the
recommendation of its special committee and consultation with its
financial and legal advisors, has unanimously determined that the
proposed transaction is in the best interests of Creston, is fair
to the shareholders of Creston, and to recommend that shareholders
of Creston vote in favour of the proposed transaction. BMO Capital
Markets, financial advisor to Creston and its Board of Directors,
has provided an opinion to the effect that the consideration to be
received by shareholders of Creston is fair, from a financial point
of view, to shareholders of Creston.
Shareholders are encouraged to review the Management Information
Circular dated May 9, 2011, which provides a detailed discussion of
the Arrangement and reasons behind the Board of Directors '
unanimous recommendation that shareholders vote FOR the
Arrangement. If approved by Shareholders the proposed transaction
is expected to become effective on or about June 22, 2011.
Creston has scheduled a special meeting of shareholders (the
"Meeting") to vote on the arrangement agreement to be held at 10:00
am on June 14, 2011, at the XChange Conference Centre, 2nd Floor,
888 Dunsmuir Street, Vancouver, British Columbia, Canada.
Shareholders may attend the Meeting in person or may be represented
by proxy. Shareholders who are unable to attend the Meeting or any
adjournment thereof in person are requested to date, sign and
return their proxy for use at the Meeting or any adjournment
thereof. To be effective the proxy must be received by
Computershare Investor Services Inc. (by mail, fax, telephone or
internet according to the instructions on the proxy) by 10:00 a.m.
PDT on June 10, 2011.
If Shareholders have any questions about the information
contained in the Management Information Circular or require
assistance in completing their proxy forms on-line, please contact
Creston's proxy solicitation agent Phoenix Advisory Partners toll
free at 1-866-793-5464 or by e-mail at
inquires@phoenixadvisorypartners.com.
How to Vote On-Line
In light of the potential for a Canadian postal strike,
shareholders are strongly encouraged to vote on-line at
www.investorvote.com. The deadline for submitting proxy forms is
10:00 p.m. PDT on June 10, 2011.
About ISS
ISS is Canada's leading independent proxy advisory firm and the
leading authority on proxy voting and corporate governance issues
in Canada with over 1,700 clients. ISS has been providing advisory
and voting services to leading pension funds, investment managers,
mutual funds and other institutional shareholders since 1987.
About Glass, Lewis & Co., LLC
Founded in 2003, Glass, Lewis & Co., LLC is a leading
independent governance analysis and proxy voting firm, serving
several hundred institutional investors that collectively manage
more than $17 trillion in assets.
On Behalf of the Board of Directors
CRESTON MOLY CORP.
D. Bruce McLeod, President & CEO
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and Creston does not intend, and does not assume any obligation, to
update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect Creston management's expectations or
beliefs regarding future events and include, but are not limited
to, statements with respect to the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, the
timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. In
certain cases, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Creston to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, risks related to actual results of current
exploration activities; changes in project parameters as plans
continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in Creston's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although Creston has 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 forward-looking 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.
Neither the 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.
Contacts: Creston Moly Corp. Mr. Bruce McLeod President &
CEO 604-687-7545 or (888)338-2200 (TOLL FREE) 604-689-5041 (FAX)
Creston Moly Corp. Chris Curran Investor Relations 604-687-7545 or
(888)338-2200 (TOLL FREE) 604-689-5041 (FAX) Creston Moly Corp. Ken
MacDonald 604-694-0005 604-689-5041 (FAX) www.crestonmoly.com
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