SCOTTSDALE, AZ--(Marketwired - Dec 2, 2013) - International Minerals Corporation (TSX: IMZ) (IMZ.SW) (the "Company" or "IMZ") announces that on December 2, 2013 it obtained a final order of the Supreme Court of Yukon approving the previously-announced transaction by way of a plan of arrangement (the "Arrangement") involving IMZ and Hochschild Mining plc ("Hochschild") pursuant to which Hochschild will acquire IMZ. See the Company's news release dated October 1, 2013 for further details.
The Arrangement received virtually unanimous (99.98%) approval of votes cast by securityholders at the Company's annual meeting of shareholders and special meeting of shareholders and optionholders on November 26, 2013 (See news release dated November 27, 2013). In addition, Hochschild received approval for the Arrangement at an Extraordinary General Meeting of its shareholders held on November 29, 2013. 99.99% of votes cast by Hochschild shareholders voted in favor of the Arrangement.
Pursuant to an arrangement agreement dated October 1, 2013 each IMZ shareholder (other than Hochschild in respect of the cash) will receive: (a) cash consideration of US$2.38 per IMZ share; and (b) that number of common shares in a newly-formed company, Chaparral Gold Corp. ("Chaparral Gold") as is equal to their shareholdings in IMZ. On November 29, Chaparral Gold received conditional approval to list its common shares on the Toronto Stock Exchange (TSX).
Closing of the Arrangement is currently anticipated to occur on or about December 13, 2013. Assuming a December 13 closing date, trading of the Company's shares on the SIX Swiss Exchange (SIX) would cease at the close of the market on December 12, after which time the shares would no longer be trading. Trading of the Company's shares on the TSX will cease in accordance with the policies of the TSX. At this time, there is no assurance that the closing date for this complex transaction will be December 13, 2013; any change to this date will be disclosed on a timely basis.
Upon completion of the Arrangement, the former IMZ shareholders (including Hochschild) will own 100% of the issued and outstanding shares of Chaparral Gold.
About International Minerals:
International Minerals is a Canadian public company headquartered in Scottsdale, Arizona, with interests in gold and silver properties, both in production and under development, in Peru and the USA. The company currently is listed on the Toronto and Swiss Stock exchanges under the symbol "IMZ". 117,636,376 common shares are issued and outstanding. 3,755,746 shares (3.2%) of IMZ are owned by Hochschild.