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Northern Sun Announces Completion of Plan of Arrangement
TORONTO, ON / ACCESSWIRE / April 26, 2016 / Northern Sun Mining Corp. (TSXV: NSC) (the " Com...
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[{"type":"text","content":"Northern Sun Announces Completion of Plan of ArrangementTORONTO, ON / ACCESSWIRE / April 26, 2016 / Northern Sun Mining Corp. (TSXV: NSC) (the \"Company\" or \"Northern Sun\") is pleased to announce today the successful completion of the previously announced plan of arrangement (the \"Arrangement\") under Section 182 of the Business Corporations Act (Ontario) pursuant to which Regal Silver Investments Inc. (\"Regal Silver\") acquired all of the common shares of the Company (the \"Shares\") not owned by the approximately 60% majority shareholder, Jien International Investment Ltd. or its affiliates (collectively, \"JIIL\").\nRegal Silver and Northern Sun entered into an arrangement agreement dated January 19, 2016, as amended on February 12, 2016 and March 24, 2016 (the \"Arrangement Agreement\"), pursuant to which Regal Silver and Northern Sun agreed to complete the Arrangement. The Arrangement Agreement is filed on SEDAR at www.sedar.com.\nPursuant to the terms of the Arrangement: (i) all shareholders of the Company, other than JIIL, will receive consideration equal to $0.07 in cash in exchange for each Share; and (ii) all outstanding stock options of the Company are cancelled. As a consequence of the court approved Arrangement, Regal Silver has acquired 3,033,802 Shares at a price of $0.07 per Share. The Shares acquired by Regal Silver represent approximately 40% of the issued and outstanding common shares of Northern Sun. A copy of the early warning report filed by Regal Silver in connection with the Arrangement is available on Northern Sun's SEDAR profile at www.sedar.com and can also be requested by contacting the Company's Interim President and Chief Executive Officer, Mr. James Xiang, by telephone or email as described below. Regal Silver's address is 100 King Street West, 1 First Canadian Place, Suite 6200, P.O. Box 50, Toronto, Ontario, M5X 1B8.\nThe common shares of the Company were halted from trading on the TSX Venture Exchange (the \"Exchange\") immediately prior to commencement of the trading day on Monday, April 25, 2016, and the Company expects its common shares, including the Shares, to be de-listed from the Exchange as of the close of business on Wednesday, April 27, 2016. In addition, the Company will apply to the relevant securities regulatory authorities to cease to be a reporting issuer in each jurisdiction...