Blind Creek Receives Interim Order for Engineer Gold Mines Ltd. Spinout and Mails Circular
TSX VENTURE: EAU
VANCOUVER, April 30, 2018 /CNW/ - (TSX.V: BCK) – Blind Creek Resources Ltd. ("Blind Creek" or the "Company") reports the Company has received an Interim Order from the Supreme Court of British Columbia (the "Court") and has mailed its management information circular (the "Circular") in connection with its annual and special meeting (the "Meeting"), at which the shareholders of Blind Creek will consider the previously announced plan of arrangement (the "Arrangement"). Please see the Company's news release of January 19, 2018 for further information. Pursuant to the Arrangement, the Company proposes to transfer a 100% interest in its Engineer Gold Mine Project to Engineer Gold Mines Ltd. ("Engineer Gold Mines"), a newly incorporated wholly-owned subsidiary of the Company in exchange for common shares of Engineer Gold Mines which will be distributed to shareholders on the reduction of stated capital of the Company on the basis of one share of Engineer Gold for each two shares of the Company held (the "Engineer Gold Mines Shares"). The Circular may be viewed on www.SEDAR.com under the Company's profile and on the Company's website at www.blindcreekresources.com.
The Company previously reported that it has received conditional approval from the TSX Venture Exchange Inc. (TSX.V) for the Arrangement and that the Meeting will be held on May 22nd, 2018 at 10 a.m. (Vancouver time) at the Company's offices. In addition to consideration of the Arrangement and a stock option plan for Engineer Gold Mines, the shareholders will elect the directors, appoint the auditors and consider the "rolling" stock option plan of Blind Creek. Only Blind Creek Shareholders of record at the close of business on April 20, 2018 will be entitled to vote at the Special Meeting. The Arrangement is subject to shareholder approval of not less than 66 2/3 % of the votes cast at the Meeting, and is also subject to receipt of regulatory approval and a final order of the Court, which the Company will seek after the Meeting if it receives shareholder approval for the Arrangement. The Company will set a record date to determine eligibility to receive the Engineer Gold Mines Shares in accordance with TSX.V policies, currently expected to be in connection with receipt of all required stock exchange, regulatory, shareholder and Court approvals. There can be no assurances that the Arrangement will be completed on the terms contemplated, or at all.
About Blind Creek Resources Ltd.
Blind Creek is a Vancouver-based junior resource company focused on Zn-Pb-Ag project acquisition, exploration and development in Yukon (Blende Property) and the Northwest Territories (AB Property). The Company's flagship property is the Blende Property in north-central Yukon, the largest carbonate-hosted Zn-Pb-Ag deposit in Yukon (M. Robinson and C.I. Godwin, Economic Geology 1995). More recently the company has signed an agreement to acquire a 100% interest in the AB Property, a mid-stage Mississippi Valley Type (MVT) Zn-Pb exploration property in Northwest Territories.
For additional information please visit the company website www.blindcreekresources.com.
On behalf of the Board of Directors,
Mr. Brian P. Fowler, P.Geo.
Cautionary Note Regarding Forward-Looking Statements
Certain statements made and information contained herein in the press release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). The forward-looking information contained in this press release is based on information available to the Company as of the date of this press release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward looking information. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology 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, conditions or results "will", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof.
All statements other than statements of historical fact may be forward-looking statements. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks and uncertainties relating to, among other things, the risk of the Company not obtaining court, Blind Creek shareholders or stock exchange approvals to proceed with the Arrangement; the risk of unexpected tax consequences to the Arrangement, the risk of unanticipated material expenditures required by the Company prior to completion of the Arrangement; risks of the market valuing Blind Creek and Engineer in a manner not anticipated by the Company; risks relating to the benefits of the Arrangement not being realized or as anticipated, the inherent uncertainties regarding cost estimates, changes in commodity prices, currency fluctuation, financing, unanticipated resource grades, infrastructure, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, taxation, political risk and related economic risk and unanticipated environmental impact on operations, as well as other risks uncertainties and other factors, including, without limitation, those referred to in the "Risks and Uncertainties" section of the press release, and elsewhere, which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.
The Company believes that the expectations reflected in the forward-looking statements and information included in this press release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements and information should not be unduly relied upon.
The TSXVE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSXVE nor its Regulation Services Provider (as that term is defined in the policies of the TSXVE) accepts responsibility for the adequacy or accuracy of this release.