Red Back Mining Inc. Shareholders Approve Plan of Arrangement
15.09.2010 | Marketwire
VANCOUVER, 09/15/10 - Red Back Mining Inc. (the 'Company' or 'Red Back') (TSX: RBI) announces that at a special meeting held today Red Back's shareholders approved the previously announced plan of arrangement (the 'Arrangement') with Kinross Gold Corporation ('Kinross'). Under the terms of the Arrangement, Red Back shareholders will receive 1.778 Kinross common shares and 0.11 of a Kinross common share purchase warrant for each Red Back common share. The Arrangement is subject to, among other things, the final approval of the Supreme Court of British Columbia.The special resolution approving the Arrangement was approved by more than 99% of the votes cast by shareholders of Red Back present in person or represented by proxy at the special meeting. At a special meeting of Kinross shareholders also held today, the friendly combination with Kinross was approved by approximately 67% of the votes cast by Kinross shareholders present in person or represented by proxy.
The hearing for the final order to approve the Arrangement is scheduled to take place on September 16, 2010, with the completion of the Arrangement expected to occur on September 17, 2010.
Further details regarding the terms of the Arrangement are set out in Red Back's management information circular dated August 16, 2010, which is available at www.sedar.com.
About Red Back
Red Back Mining Inc. is an unhedged African focused gold producer. It owns and operates the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. Aggressive exploration programs aimed at increasing the Company's resource and reserve base at both Chirano and Tasiast are ongoing.
On behalf of the Board of Directors:
Richard P. Clark
President
Contacts:
Red Back Mining Inc.
Simon Jackson, VP-Corporate Development
604-689-7842
www.redbackmining.com