Business
Northern Sun Postpones Special Shareholders' Meeting
TORONTO, ON / ACCESSWIRE / March 21, 2016 / Northern Sun Mining Corp. (TSXV: NSC) (the " Com...
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[{"type":"text","content":"Northern Sun Postpones Special Shareholders' MeetingTORONTO, ON / ACCESSWIRE / March 21, 2016 / Northern Sun Mining Corp. (TSXV: NSC) (the \"Company\" or \"Northern Sun\") is postponing its special meeting of shareholders (the \"Meeting\") to Thursday, March 24, 2016 at 10:00 a.m. (Vancouver time) at 700 - 595 Burrard Street, Vancouver, B.C. By postponing the meeting, the Company wishes to provide additional time for shareholders to vote on the proposed arrangement (the \"Arrangement\") between the Company and Regal Silver Investments Ltd. (the \"Purchaser\"). The Company intends to accept proxies received any time prior to 48 hours before the postponed Meeting (unless the Company determines it is appropriate to accept late proxies up until the time of the postponed Meeting), and there is no change to the record date for the Meeting, which remains as at February 8, 2016. \nThe Arrangement provides for the acquisition (the \"Acquisition\") by the Purchaser of all of the Company's common shares (the \"Shares\") held by minority shareholders (i.e., all shareholders other than Jien International Investment Ltd. (\"JIIL\")). Under the Arrangement Agreement, Northern Sun shareholders will receive $0.05 per Share in exchange for each Share acquired by the Purchaser. The offer price of $0.05 per Share represents a 25% premium to the market price of the Shares as of the close of the last trading day on March 18, 2016. \nAs at September 30, 2015, Northern Sun owed over $153,479,166 as secured debt to JIIL, which debt matured as of December 31, 2015. To facilitate the Arrangement and allow Minority Shareholders to receive $0.05 per Share from the Purchaser, JIIL agreed to extend the maturity date to December 31, 2016 and forgive any default or breach of such loans or other indebtedness owed by the Company that may have occurred up to and including the date of the Arrangement Agreement. In the event the Arrangement is not completed, then the debts owed to JIIL will become immediately due and payable. \nThe Purchaser is a private company existing under the laws of the Province of Ontario and is an arm's length third party not related to JIIL or the Company. JIIL is a private company existing under the laws of the Province of Ontario, which is a wholly-owned subsidiary of Jilin Jien Nickel Industry Co. Ltd. JIIL owns 59.6% of the issued and o...