Business
Guyana Goldfields Inc. acquisition of Aranka Gold Inc. receives shareholder approval
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOE...
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[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.\n\n\nNEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES\n\n\nDESCRIBED HEREIN/\n\n\nTORONTO, Jan. 23 /CNW/ - Guyana Goldfields Inc. ("Guyana") (TSX: GUY) and\nAranka Gold Inc. ("Aranka") (TSX-V: ARK) are pleased to announce today that\nthe acquisition of Aranka by Guyana by way of a plan of arrangement (the\n"Arrangement") under the Business Corporations Act (Ontario) has been approved\nby approximately 95% of the votes cast by Aranka's shareholders at the special\nmeeting of Aranka's shareholders and by a majority of the minority\nshareholders. Subject to the satisfaction or waiver of all other conditions to\nclosing, including the approval of the Ontario Superior Court of Justice\n(Commercial List), Guyana and Aranka expect the Arrangement to be effective on\nor about January 28, 2009.\n\n\nUpon the Arrangement becoming effective, Aranka shareholders will receive\ncommon shares of Guyana and will hold approximately 13% of the outstanding\nshares of Guyana.\n\n\nAt Aranka's request, the Investment Industry Regulatory Organization of\nCanada halted trading in the common shares of Aranka prior to the opening of\nthe market today and trading in the common shares will remain halted until the\nacquisition has been completed and the common shares are delisted from the TSX\nVenture Exchange, which is expected to occur on January 28, 2009.\n\n\nAbout Guyana\n\n\nGuyana is a Canadian based mineral exploration company primarily focused\non the exploration and development of gold deposits in the Guiana Shield of\nSouth America. The Guiana Shield is in the northern part of the Amazon Craton\nand covers parts of Guyana, Venezuela, Suriname, French Guyana and northern\nBrazil. Guyana holds advanced exploration projects in various stages of\ndevelopment and has been operating in Guyana continuously since 1996. As at\nthe date hereof, Guyana has approximately $13.8 million in cash and short-term\nbank guaranteed investment certificates and no debt.\n\n\nAbout Aranka\n\n\nAranka is a junior exploration company focusing on early stage gold\nexploration in the Guiana Shield. The company also holds silver assets,\nincluding the former Langis Silver mine in the Cobalt Camp, Ontario, Canada.\nAs at the date hereof, Aranka h...