SilverBirch Energy Corporation Announces Shareholder Approval of Arrangement
March 27 2012 - 6:06AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES/ TSX V Trading Symbol: SBE CALGARY, March 29,
2012 /CNW/ - SilverBirch Energy Corporation ("SilverBirch") is
pleased to announce that at a special meeting (the "Meeting") held
today, the holders of common shares of SilverBirch (the
"SilverBirch Shareholders") approved the previously announced plan
of arrangement (the "Arrangement") involving SilverBirch, Teck
Resources Limited ("Teck"), 8071667 Canada Inc. (the "Purchaser")
and SilverWillow Energy Corporation ("SilverWillow"). The
Arrangement involves the acquisition by the Purchaser (a wholly
owned subsidiary of Teck) of all of SilverBirch's outstanding
shares, except for those currently held by Teck. The
SilverBirch Shareholders will ultimately receive, for each common
share of SilverBirch held, cash consideration of $8.50 per share
and one common share of SilverWillow. The special resolution
approving the Arrangement was approved at the Meeting by
approximately 99.96 per cent of the votes cast by SilverBirch
Shareholders and 99.96 per cent of the votes cast by the
SilverBirch Shareholders, after excluding those required to be
excluded by Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions. Further, the
SilverBirch Shareholders voted 99.76 per cent in favour of the
resolution approving the SilverWillow stock option plan. Final
approval of the Arrangement will be considered by the Court of
Queen's Bench of Alberta at an application to be heard on April 2,
2012. If the Court grants approval to the Arrangement at that
hearing, SilverBirch and Teck intend to proceed with the completion
of the Arrangement on or about April 4, 2012. Advisory Regarding
Forward-Looking Information This news release contains
"forward-looking information" within the meaning of applicable
securities laws. The use of any of the words "will", "intend" and
other similar words or expressions are intended to identify
forward-looking information. More particularly and without
limitation, this news release contains forward-looking information
concerning the completion of the Arrangement, the expected timing
of the completion of the Arrangement and expectations regarding the
timing of the application for final approval of the Arrangement to
the Court of Queen's Bench of Alberta. The forward-looking
information in this news release is based on certain key
expectations and assumptions made by SilverBirch, including
assumptions as to: the receipt, in a timely manner, of Court
approval in respect of the Arrangement and the time necessary to
satisfy the other conditions to the closing of the
Arrangement. Although SilverBirch believes that the
expectations and assumptions on which such forward-looking
information is based are reasonable, undue reliance should not be
placed on the forward-looking information because SilverBirch can
give no assurance that it will prove to be correct. The
forward-looking information in this news release is subject to
known and unknown risks and uncertainties and other factors which
may cause actual results to differ materially from those expressed
or implied in the forward-looking information. Such risks,
uncertainties and factors include, among others: inability to
secure necessary Court approval in the time assumed and the need
for additional time to satisfy the other conditions to the
completion of the Arrangement. As a result of the foregoing,
readers should not place undue reliance on the forward-looking
information contained in this news release. Readers are cautioned
that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect the
operations or financial results of SilverBirch are included in
SilverBirch's Information Circular dated February 28, 2012 and in
reports on file with applicable securities regulatory authorities
and may be accessed through the SEDAR website www.sedar.com. The
forward-looking information contained in this news release is made
as of the date hereof and SilverBirch undertakes no obligation to
update publicly or revise any forward-looking information, whether
as a result of new information, future events or otherwise, unless
so required by applicable securities laws. 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
SilverBirch Energy Corporation CONTACT: Howard Lutley, President
and Chief Executive Officer, at403-538-7030
Copyright
Silverbirch Energy Corporation (TSXV:SBE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Silverbirch Energy Corporation (TSXV:SBE)
Historical Stock Chart
From Sep 2023 to Sep 2024
Real-Time news about Silverbirch Energy Corporation (TSX Venture Exchange): 0 recent articles
More Silverbirch Energy Corporation News Articles