Normabec Shareholders Approve Plan of Arrangement With First Majestic
November 06 2009 - 4:09PM
Marketwired
Normabec Mining Resources Ltd. ("Normabec") (TSX VENTURE: NMB) is
pleased to announce that its shareholders have overwhelmingly voted
in favour of the proposed arrangement involving First Majestic
Silver Corp ("First Majestic") (TSX: FR), Normabec and Brionor
Resources Inc. ("Brionor"), a wholly-owned subsidiary of Normabec.
Following the unanimous recommendation by the Normabec Board of
Directors, the transaction was approved by over 99% of the votes
cast at the special shareholders meeting held today in Montreal.
The Final Court Order approving the Arrangement will be sought on
November 9, 2009. The effective date of the arrangement is expected
to be November 13, 2009.
"We are excited that the shareholders of Normabec have approved
the transaction with First Majestic" said Robert Ayotte, President
of Normabec. Brionor will hold Normabec's interest in the Pitt Gold
Property, and all other Quebec mineral interests currently held by
Normabec, and will continue to be managed by the existing Normabec
management. First Majestic will also invest, via a private
placement, $300,000 in Brionor, representing 9.9% of the
outstanding capital of Brionor after closing.
This transaction is expected to substantially benefit Normabec
shareholders by not only allowing them to participate in the future
upside of First Majestic, a producing silver company focused in
Mexico, but also allowing them to retain the growth potential of
the Pitt Gold Project located in Quebec.
Neither the TSX Venture Exchange (TSX Venture) 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: Normabec Mining Resources Ltd. Robert Ayotte President
& CEO 450-441-9177 info@normabec.com http://www.normabec.com
First Majestic Silver Corp. Keith Neumeyer President & CEO
604-688-3033 info@firstmajestic.com
http://www.firstmajestic.com
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