CHU Channel Resources Ltd.

Channel Resources Ltd. ("Channel") (TSX VENTURE:CHU) is pleased to provide an
update on the transaction first announced on August 14, 2013, pursuant to which
West African Resources Limited ("West African") wishes to acquire, by way of a
plan of arrangement (the "Arrangement"), all of the issued and outstanding
common shares of Channel ("Channel Shares") for West African securities. Channel
obtained an interim order from the Supreme Court of British Columbia on November
7, 2013, authorizing, among other things, the holding of a Special Meeting (the
"Meeting") of Channel shareholders to vote on the transaction. At the Meeting,
shareholders of Channel will be asked to consider and, if deemed advisable, pass
a special resolution approving the Arrangement. Meeting materials, including a
Notice of Special Meeting and Management Information Circular, were mailed on
November 12, 2013, to registered and beneficial shareholders of record as at
October 21, 2013, and filed under Channel's profile on SEDAR at www.sedar.com. 


The Meeting will be held at the offices of Dentons Canada LLP located at 20th
Floor, 250 Howe Street, Vancouver, British Columbia, on December 6, 2013 at
10:00 a.m. (Pacific time). The Arrangement is subject to, among other things,
the approval of a special resolution by at least 66 2/3% of the votes cast by
shareholders of Channel either in person or represented by proxy at the Meeting.
In addition, the resolution approving the Arrangement must be passed by a
majority of the votes cast by shareholders of Channel excluding persons whose
votes may not be included in determining minority approval of a business
combination pursuant to Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions. The board of directors of Channel
urges all Channel shareholders to vote their shares and unanimously recommends
that shareholders vote FOR the resolution approving the Arrangement.


If you are a registered shareholder of Channel and are unable to attend the
Meeting in person, please complete, sign, date and return the proxy form, upon
receipt, to the Company's registrar and transfer agent, Computershare Canada, by
hand or by mail to the 2nd Floor, 510 Burrard Street, Vancouver, British
Columbia, Canada V6C 3B9. To vote by internet, please access the website listed
on your proxy form and follow the online voting instructions. Proxies must be
received by no later than 10:00 a.m. (Pacific time) on December 4, 2013, or if
the Meeting is adjourned or postponed, no later than 48 hours preceding the time
of such adjourned or postponed meeting (excluding Saturdays, Sundays and
statutory holidays in Vancouver, BC).


If you are a non-registered shareholder of Channel and receive the Meeting
materials through your broker or through another intermediary, please complete
and return the materials in accordance with the instructions provided to you by
your broker or other such intermediary.


Upon approval by Channel shareholders at the Meeting closing of the Arrangement
will occur following approval by the TSX Venture Exchange of West African's
listing application and receipt of regulatory and court approvals together with
customary closing deliveries.


About the Combination of Channel and West African

Following the completion of the Arrangement, shareholders of both companies
should benefit from the combined exploration and development potential of
Channel's Tanlouka gold project and West African's contiguous precious metal and
polymetallic Boulsa project in Burkina Faso. 


The Arrangement provides an opportunity for shareholders of both companies to
participate in the exploration of numerous gold targets on both projects that
will be quickly advanced through planned, fully-funded exploration programs with
the primary objective of establishing an oxide heap-leach gold mining operation
on the properties as rapidly as possible. West African will commence drilling on
the Tanlouka gold project immediately following completion of the transaction.


The West African management team, which will manage the combined assets
following closing of the Arrangement, has a long operational history in West
Africa. The combined company will also benefit from West African's ownership of
a fleet of drilling rigs that will allow for low-cost drilling campaigns. 


The main priority will be to test the near-term production potential of oxide
gold mineralisation on the consolidated project as soon as possible, with the
primary target being Tanlouka's Mankarga 5 structure where resources have been
outlined. Other potential oxide gold targets include the Moktedu structure and
the South Sartenga target at the southern part of West African's Boulsa project.
The growth potential of the Sartenga copper-gold-silver-molybdenum target is
also being assessed through ongoing diamond drilling programs. The objective of
all this work is to be in position to generate resource estimates and updates on
all significant deposits in the first half of 2014.


This news release contains "forward-looking information" within the meaning of
applicable Canadian and Australian securities legislation, including information
relating to West African's or Channel's future financial or operating
performance may be deemed "forward looking". All statements in this news
release, other than statements of historical fact, that address events or
developments that West African or Channel expects to occur, are "forward-looking
statements". Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words "expects",
"does not expect", "plans", "anticipates", "does not anticipate", "believes",
"intends", "estimates", "projects", "potential", "scheduled", "forecast",
"budget" and similar expressions, or that events or conditions "will", "would",
"may", "could", "should" or "might" occur. All such forward-looking statements
are based on the opinions and estimates of the relevant management as of the
date such statements are made and are subject to important risk factors and
uncertainties, many of which are beyond West African or Channel's ability to
control or predict. Forward-looking statements are necessarily based on
estimates and assumptions (including that the Transaction will be completed
successfully on the terms agreed upon by the parties and that the business of
Channel will be integrated successfully into the West African organization) that
are inherently subject to known and unknown risks, uncertainties and other
factors that may cause actual results, level of activity, performance or
achievements to be materially different from those expressed or implied by such
forward-looking statements. In the case of Channel and West African, these facts
include their anticipated operations in future periods, planned exploration and
development of its properties, and plans related to its business and other
matters that may occur in the future. This information relates to analyses and
other information that is based on expectations of future performance and
planned work programs. Statements concerning mineral resource estimates may also
be deemed to constitute forward-looking information to the extent that they
involve estimates of the mineralization that will be encountered if a mineral
property is developed. 


None of the securities anticipated to be issued under the Arrangement have been
or will be registered under the Securities Act of 1933, as amended, or any state
securities laws, and such securities are anticipated to be issued in the United
States pursuant to exemptions from such registration requirements. This press
release shall not constitute an offer to sell or solicitation of an offer to buy
any securities in any jurisdiction where such an offer or sale would be
unlawful.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Channel Resources Ltd.
Colin McAleenan
President & CEO
604.684.7098
info@channelresources.ca

Channel Resources Ltd. (TSXV:CHU)
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Channel Resources Ltd. (TSXV:CHU)
過去 株価チャート
から 6 2023 まで 6 2024