Business
Mira Resources Corp. - Receiptholders Approve Extension of Termination Date to July 8, 2010
Mira Resources Corp. - Receiptholders Approve Extension of Termination Date to July 8, 2010
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Apr. 8, 2010 (Canada NewsWire Group) -- /CNW/ -- Mira Resources Corp. (NEX: MRP-H) (the \"Company\") announces that further to its press release of April 6, 2010, holders of 70% of its previously issued subscription receipts (the \"Subscription Receipts\") have approved a resolution to extend the date by which the Company must satisfy the Release Conditions (as defined below) from April 8, 2010 to July 8, 2010 (the \"Termination Date\") and to amend the terms of the Subscription Receipts so that each Subscription Receipt, subject to the Company fulfilling the Release Conditions, entitles the holder to receive 1.1 common shares of the Company and one warrant to purchase a common share of the Company at an exercise price of Cdn$0.50 until November 10, 2011. The Subscription Receipts were sold for Cdn$0.30 per Subscription Receipt for total gross proceeds of $15,000,000 (the \"Proceeds\"). The Proceeds are currently being held in escrow with a Canadian trust company.Pursuant to the subscription receipt agreement dated November 10, 2009 among the Company, Haywood Securities Inc. and Computershare Trust Company of Canada, as amended, upon the Company obtaining the onshore Tano Basin concession in Ghana (the \"Onshore Tano Basin Concession\"), which the Company has an interest in obtaining due to oil and gas prospectivity, and reactivation of the Company and the listing of its common shares for trading on the TSX Venture Exchange (collectively, the \"Release Conditions\"), the Proceeds will be released to the Company and each Subscription Receipt will, without payment of additional consideration and without any action on the part of the holder, entitle the holder to receive the common shares of the Company and one warrant, on the terms described above.Details regarding the Onshore Tano Basin Concession and ancillary transactions relating to the acquisition of such concession will be contained in the filing statement to be prepared in connection with the transaction and press releases to be issued by the Company from time to time.Cautionary Note Regarding Forward-Looking StatementsThis press release includes certain \"forward-looking statements\" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will pr...