NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- Canstar Resources Inc. (“Canstar” or the “Corporation”) (TSX-V:ROX), Adventus Zinc Corporation (“Adventus”) (TSX-V:ADZN) and Altius Minerals Limited (“Altius”) (TSX:ALS) are pleased to provide an update in relation to Canstar’s proposed acquisition of the Newfoundland base metal exploration assets of Adventus and the Daniel's Harbour Zinc Project from Altius, as previously announced by Canstar on February 21, 2018 and April 18, 2018 (the “Transaction”).
The Corporation has submitted a management information circular which constitutes a filing statement under the policies of the TSX Venture Exchange (“TSXV”) to the TSXV for conditional approval and is currently addressing comments received. When conditional approval is granted by the TSXV, Canstar will send the management information circular to shareholders ahead of the its special shareholders meeting at which the Corporation will seek shareholder approval of the Transaction.
Subscription Receipt Extension
The Corporation is pleased to announce that the holders of subscription receipts of the Corporation, which were issued by the Corporation as part of the private placement the closing of which was announced on April 18, 2018, have approved the extension of the date by which the Transaction can been completed pursuant to the terms of the subscription receipts from May 31, 2018 to July 31, 2018, so as to accommodate receipt of requisite regulatory and shareholder approvals of the Transaction.
About Canstar
Canstar Resources is a Canadian mineral exploration and development company. Canstar's objective is to discover and develop economic mineral deposits primarily in North America. Currently, Canstar's focus is on its mineral exploration properties in Newfoundland.
About Adventus
Adventus is a well-financed and unique company focused on zinc-related exploration and project development globally. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, and Resource Capital Funds; as well as other highly respected investors in the mining business. Adventus owns large prospective land packages in both Ireland and Newfoundland and Labrador, Canada, and is earning a 75% ownership interest in the Curipamba copper-gold-zinc project in Ecuador. In addition, Adventus has a country-wide generative exploration alliance with its partners in Ecuador, incorporating two projects to date. Adventus is based in Toronto, Canada, and is listed on the TSX-V under the symbol ADZN.
About Altius
Altius directly and indirectly holds diversified royalties and streams that generate revenue from 15 operating mines. These are located in Canada and Brazil and produce copper, zinc, nickel, cobalt, iron ore, potash and thermal (electrical) and metallurgical coal. The portfolio also includes numerous pre‐development stage royalties covering a wide spectrum of mineral commodities and jurisdictions. In addition, Altius holds a large portfolio of exploration stage projects which it has generated for deal making with industry partners that results in newly created royalties and equity and minority interests.
Completion of the transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance and shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Canstar should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Forward-looking Statement
This press release contains “forward -looking information” within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking information in this news release includes, but is not limited to, the closing of the Transaction, anticipated drilling at Buchans Camp, satisfaction of closing conditions, approval of the TSX-V, approval by the shareholders of Canstar and the potential for exploration.
Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Canstar, Adventus and Altius expect or anticipate will or may occur in the future. Although Canstar, Adventus and Altius has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, 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 such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Canstar, Adventus and Altius do not undertake to update any forward-looking information except in accordance with applicable securities laws.
All monetary figures referenced in this press release are in Canadian dollars unless otherwise stated.
For further information from Canstar, please contact: Karen Willoughby, Director Corporate Communications, at 1-866-936-6766 or [email protected].
For further information from Adventus, please contact Christian Kargl-Simard, Chief Executive Officer, at 1-416-230-3440 or [email protected].
For further information from Altius, please contact Chad Wells [email protected] or Flora Wood at 1-877-576-2209 or [email protected].
