Creston Moly Corp. ("Creston") (TSX VENTURE: CMS) and Tenajon
Resources Corp. ("Tenajon") (TSX VENTURE: TJS) are pleased to
announce that the previously announced business combination, by way
of Plan of Arrangement (the "Arrangement"), was approved by the
Supreme Court of British Columbia on August 21, 2009 and closed
effective as of 12:01 AM (Pacific Standard Time) earlier today.
Tenajon's shares have ceased trading effective the closing time of
12:01 AM this morning.
Highlights of the Transaction:
(All amounts are in US$ unless otherwise stated.)
- Creation of a platform for the combined company to become a
leading molybdenum development company via organic growth and
acquisition opportunities;
- Consolidation of a large reserve and resource base consisting
of three projects in favourable geographic locations (Mexico and
Canada);
- 100% ownership of the Creston Molybdenum Deposit which has a
pre-tax NPV8% of US$503 million at $15/lb Moly and $1.75/lb Cu
under an owner mining scenario. Direct cash costs are estimated at
$5.74/lb of Mo equivalent under an owner mining scenario;
- 100% ownership of two Canadian development molybdenum
deposits, including the Ajax deposit and the Moly Brook deposit,
both of which possess significant 43-101 Resource estimates;
- Excellent exploration potential on all three resource
projects; and
- Strengthened management team with extensive experience in
raising capital and developing projects on plan and on budget.
Transaction Summary
Pursuant to the Arrangement, holders of Tenajon shares are
entitled to receive 0.84 share of Creston for each common share of
Tenajon held. Tenajon options and Tenajon warrants were exchanged
for Creston options and warrants respectively on the same exchange
ratio. Additional information on the transaction is available in
the Information Circular available on SEDAR at www.sedar.com.
Tenajon Shares to be Delisted
Tenajon has applied to have its shares delisted from the TSX
Venture Exchange. Creston will be sending out letters of
transmittal to the Tenajon shareholders providing instructions on
how to exchange their share certificates pursuant to the
Arrangement. Tenajon shareholders can also find a copy of the
letter of transmittal on SEDAR at www.sedar.com.
Board & Management of Creston
As a result of the closing of the Arrangement, the board of
directors of Creston now consists of six directors, being Colin K.
Benner (Chairman), Bruce McLeod (President & CEO), Richard
Godfrey, John McCleery, John Robins and Michael Gunning. Wayne
Johnstone will continue as CFO and Jonathan George and Alfonso Daco
have been appointed as advisors to the Board.
The New Creston
With Tenajon and Creston now combined, Creston Moly Corp. is one
of the largest molybdenum explorers and developers in North America
with a 100% interest in three large scale molybdenum deposits;
being the Creston Molybdenum Deposit (Creston Project) located in
the State of Sonora, Mexico, the Moly Brook Molybdenum Deposit
located on the southern coast of Newfoundland and the Ajax
Molybdenum Deposit located north of Alice Arm, BC.
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 Moly Corp. and Tenajon Resources Corp. (hereinafter
referred to as the "Companies") do not intend, and do not assume
any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management of the Companies' 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 the Companies 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 the Companies' 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 the Companies have 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: Tenajon Resources Corp. Mr. Bruce McLeod President
& CEO (604) 687-7545 or Toll Free: 1-888-338-2200 (604)
689-5041 (FAX) Tenajon Resources Corp. Chris Curran Investor
Relations (604) 687-7545 or Toll Free: 1-888-338-2200 (604)
689-5041 (FAX) www.tenajon.com Creston Moly Corp. Ken McDonald
(604) 694-0005 (604) 684-9365 (FAX) www.crestonmoly.com
Tenajon Resources Com Npv Class A (TSXV:TJS)
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Tenajon Resources Com Npv Class A (TSXV:TJS)
過去 株価チャート
から 6 2023 まで 6 2024