Business
Shareholders Approve Business Combination
Shareholders Approve Business Combination.
About this update from Global Atomic Corporation
[{"type":"text","content":"\n\n\n\n\nTORONTO, June 29 /CNW/ - Atikokan Resources Inc. (TSX VENTURE: AKN)\n(\"Atikokan\" or the \"Company\") is pleased to announce the Company has received\nshareholder approval at the annual and special meeting of the Company held on\nJune 29, 2006 to complete the previously announced business combination (the\n\"Business Combination\") with Silvermet Corporation. Atikokan shareholders\napproved the consolidation of the common shares of the Company on a 1 for 5\nbasis. The Atikokan shareholders also approved: (i) the acquisition by the\nCompany all of the issued and outstanding common shares of Silvermet in\nexchange for common shares of the Company on a one-for-one basis; (ii) the\nexchange of all of the warrants of Silvermet for replacement warrants of the\nCompany on a one-for-one basis; and (iii) the exchange of all of the options\nof Silvermet for replacement options of the Company on a one-for-one basis,\neach to be completed following the share consolidation. Details of the\nresolutions considered at the meeting are disclosed in the management\ninformation circular of the Company dated May 29, 2006 filed at www.sedar.com.\nIn connection with the Business Combination, Silvermet will complete an\nequity financing of 5,419,997 flow-through shares of Silvermet at a price of\n$0.30 per share and 11,533,333 units of Silvermet at a price of $0.30 per\nunit, each unit will be comprised of one common share and one-half of one\ncommon share purchase warrant. Each warrant will be exercisable into a common\nshare of Silvermet at a price of $0.45 per share for a period of 12 months\nfrom the date of issue. In addition, 1,594,997 broker warrants will be issued,\neach broker warrant will give the holder thereof the right to purchase one\nSilvermet unit at a price of $0.30 per unit.\nD & D Securities Company, subject to the completion of satisfactory due\ndiligence, has been retained to act as sponsor of the transaction. An\nagreement to sponsor should not be construed as any assurance with respect to\nthe merits of the transaction or the likelihood of completion.\nCompletion of the transaction is subject to final TSXV acceptance.\nTrading in the securities of Atikokan should be considered highly speculative.\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this release.\n\nThis press ...