Copper Canyon Announces Securityholder and Court Approval for Arrangement with NovaGold and Provides Tax Information
May 19 2011 - 6:50PM
Marketwired
Copper Canyon Resources Ltd. ("Copper Canyon" or the "Company")
(TSX VENTURE: CPY) announces that on May 18, 2011 its
securityholders voted overwhelmingly to approve the previously
announced plan of arrangement (the "Arrangement") under which
NovaGold Resources Inc. (NYSE Amex: NG)(TSX: NG) ("NovaGold") will,
if the arrangement is completed, acquire all the shares of Copper
Canyon in exchange for shares of NovaGold and cash. Copper Canyon
shareholders will also receive shares of Omineca Mining and Metals
Ltd. as part of the arrangement. Details concerning the arrangement
can be found in Copper Canyon's management information circular
that was mailed to shareholders on April 15, 2011 (the "Circular").
Copper Canyon also announces that on May 19, 2011, the Court of
Queen's Bench of Alberta approved the Arrangement. The Arrangement
is scheduled to close on May 20, 2011.
As described in the Circular, a deemed dividend may arise for
shareholders in connection with the Arrangement. For purposes of
the Income Tax Act (Canada), Copper Canyon designates all dividends
paid or deemed paid by Copper Canyon pursuant to the Arrangement to
be "eligible dividends".
About Copper Canyon
Copper Canyon Resources was created by way of a Plan of
Arrangement on June 9, 2006. Shareholders of Eagle Plains Resources
Ltd. (TSX VENTURE: EPL) approved the plan to reorganize the
company's mineral property assets in an effort to maximize
shareholder value. Under the terms of the arrangement, three of
Eagle Plain's projects: Copper Canyon, Severance and Abo (Harrison)
Gold, were transferred into Copper Canyon.
For further information please visit our website at
http://www.copcanyon.com.
This news release may contain forward-looking statements
including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations,
receipt of property titles, potential mineral recovery processes,
etc. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Copper Canyon Resources Ltd. Mike Labach 1 866 HUNT
ORE (486 8673) mgl@copcanyon.com www.copcanyon.com
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