Arrangement with Agnico Eagle Mines Limited
May 14, 2013 – Vancouver, British Columbia – Urastar Gold Corp. (TSX-V: URS) (FSE: 3U3) (OTCQX: URNRF) (“Urastar” or the “Company”) is pleased to announce that its Securityholders (as defined below) have approved the previously announced statutory plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”) involving the Company, Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) (“Agnico Eagle”), holders of common shares (“Common Shares”) of Urastar (“Shareholders”), holders of Common Share purchase warrants (“Warrants”) of Urastar (“Warrantholders”) and holders of options (“Options”) of Urastar (“Optionholders” and together with the Shareholders and Warrantholders, the “Securityholders”). At the special meeting of Securityholders held today, the Arrangement was approved by 99.76% of the Securityholders, voting together as a single class, and by 99.64% of the Shareholders after excluding votes required to be excluded in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The Arrangement requires approval by the Supreme Court of British Columbia. The hearing in respect of the final order to approve the Arrangement (the “Final Order”) is currently scheduled to take place on May 15, 2013. If the Final Order is obtained on May 15, 2013, and all other conditions to completion of the Arrangement are satisfied or waived, it is expected that the Arrangement will become effective on or about May 16, 2013.
Pursuant to the Arrangement, Agnico Eagle will acquire all of the issued and outstanding Common Shares. Under the terms of the Arrangement, each Shareholder will receive in exchange for each Common Share held, C$0.25 in cash. Holders of in-the-money Warrants that have not otherwise exercised their in-the-money-Warrants will receive C$0.15 in cash for each in-the-money-Warrant held. Out-of-the-money Warrants and Options will be cancelled as part of the Arrangement. Agnico Eagle has agreed to advance approximately C$1.6 million to the Company on closing to fund the payment of the Company's transaction expenses and severance costs.
For further details regarding the Arrangement, please refer to the management information circular of the Company dated April 8, 2013, a copy of which is available under the Company’s profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
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