VANCOUVER, British Columbia, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Strongbow Exploration Inc. (“Strongbow”) (SBW.V) is pleased to announce that shareholders have voted overwhelmingly in favour of the three resolutions put forward at a Special Meeting of Strongbow shareholders held on January 15, 2018.
Shareholders holding 45,710,803 common shares of Strongbow, representing 58.71% of our issued and outstanding shares, cast their votes at the meeting with 99.99% voting in favour of the resolutions to amend Strongbow’s Articles and By-Laws (subject to a dual listing on the UK’s AIM exchange) and to approve a $7.17 million secured note financing (the “Note Financing”) from Osisko Gold Royalties Ltd (“Osisko”), our largest shareholder, which would be convertible into a perpetual 1.5% net smelter returns royalty (the “Royalty”) on all metals and minerals produced from Strongbow’s indirect, wholly-owned South Crofty tin project in Cornwall, UK (the “South Crofty Project”).
A total of 25,466,633 common shares held by Osisko and two of its directors (who are also shareholders of Strongbow), representing approximately 32.71% of our issued and outstanding common shares, were excluded from voting on the shareholder resolution to approve of the Note Financing.
Mr. Richard Williams, Strongbow’s CEO, stated: “We are very pleased with the voting results from the Special Meeting. We are presently working diligently with Osisko to conclude and execute the definitive transaction documents under the Note Financing which will allow us to access the proceeds of $7.17 million which will be used to construct a water treatment plant at South Crofty. In addition, we continue to explore the possibility of a dual-listing on AIM in London.”
Detailed descriptions of the terms of the Note Financing, the Royalty and associated Governance and Security Agreements, as well as the amendments to the Company’s articles, which will be enacted if and when the Company dual lists on the UK’s AIM exchange, can be found in the Special Meeting Circular filed on Sedar (www.sedar.com) which was mailed to shareholders on December 20, 2017.
For additional information please contact: Irene Dorsman at (604) 210 8752 or by e-mail at idorsman@strongbowexploration.com or Sherman Dahl of Pretium Communications at (250) 558 8340.
Blytheweigh (Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blytheweigh.com
Camilla Horsfall camilla.horsfall@blytheweigh.com
Nick Elwes nick.elwes@blytheweigh.com
ON BEHALF OF THE BOARD OF DIRECTORS
“Richard D. Williams”
Richard D. Williams, P.Geo
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.
