Business
Receiptholders Approve Extension of Termination Date to April 8, 2010
Receiptholders Approve Extension of Termination Date to April 8, 2010
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\nFeb. 5, 2010 (Canada NewsWire Group) -- VANCOUVER, Feb. 5 /CNW/ -- Mira Resources Corp. (NEX: MRP-H) (the \"Company\") announces that further to its press release of February 2, 2010, holders of 84% 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 February 8, 2010 to April 8, 2010 (the \"Termination Date\"). Pursuant to the subscription receipt agreement dated November 10, 2009 among the Company, Haywood Securities Inc. and Computershare Trust Company of Canada (the \"Subscription Receipt Agreement\"), holders of at least 66.66% of the Subscription Receipts may approve an amendment to the terms of the Subscription Receipts.Pursuant to the Subscription Receipt Agreement, 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 (the \"TSXV\") (collectively, the \"Release Conditions\"), the proceeds of the Subscription Receipts (Cdn$15,000,000) 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 one common share 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.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 prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to diffe...