Business
African Aura Receives Shareholder Approval of Merger with Mano River
African Aura Receives Shareholder Approval of Merger with Mano River
About this update from Azincourt Energy Corp
[{"type":"text","content":"\n\n\n\nSep. 18, 2009 (Canada NewsWire Group) -- TORONTO, Sept. 18 /CNW/ -- Mano River Resources Inc. (\"Mano River\" - TSX-V:MNO & AIM:MANA) and African Aura Resources Ltd. (\"African Aura\" - TSX-V:AAZ) are pleased to announce that African Aura shareholders approved the previously-announced merger transaction (the \"Transaction\") with Mano River at its special meeting of shareholders held today. 100% of the votes cast at the meeting were voted in favour of the Transaction.The Transaction is structured as a merger under the corporate laws of the British Virgin Islands (\"BVI\"). In accordance with the combination agreement dated 30 June 2009 between African Aura and Mano River, African Aura will, subject to regulatory approval, merge with MANAAR Limited, a wholly-owned BVI subsidiary of Mano River. Mano River will thereby acquire all of the issued and outstanding common shares of African Aura. Closing of the Transaction is scheduled to occur on or about 2 October, 2009, subject to the completion of certain corporate steps and the receipt of certain regulatory approvals.As previously announced, upon closing of the Transaction African Aura shareholders will be entitled to receive 1.57 shares of Mano River for each common share they hold in African Aura, provided that no fractional shares of Mano River will be issued. As soon as practicable after the closing of the Transaction and subject to receipt of appropriate regulatory approvals, Mano River will undertake a 1 for 8 share consolidation (one new post-consolidation share for every 8 pre-consolidation shares) and change its corporate name to \"African Aura Mining Inc.\".David Netherway, Non-executive Chairman of African Aura and proposed Non-executive Chairman of the merged company:\"The boards of African Aura and Mano River are exceptionally pleased by the overwhelming support from African Aura's shareholders in approving this transformational merger of our respective companies. For African Aura, the Transaction will transform the company from being an early stage explorer to being a project developer with advanced stage assets in Liberia, including the New Liberty Gold Project ((NI 43-101 compliant measured and indicated resource of 1.4 million ounces from 13.533 million tonnes grading 3.18 g/t)) and the Putu Project ((NI 43-101 compliant inferred mineral resource of 1.08 bil...