Canadian Arrow Mines Limited Shareholders Approve Plan of Arrangement with Tartisan Resources Corp.

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[{"type":"text","content":"Toronto, Ontario (FSCwire) - Tartisan Resources Corp. (CSE: TTC, FSE:8TA) - (\"Tartisan\") announces that the shareholders of Canadian Arrow Mines Limited have voted in favour of a court-approved plan of arrangement (the \"Arrangement\") in accordance with the Business Corporations Act (Ontario) with Tartisan Resources Corp. A definitive arrangement agreement (the \"Agreement\") was announced on October 20, 2017 whereby Tartisan would acquire all of the issued and outstanding common shares of Canadian Arrow upon receiving the requisite approval of not less than 66 2/3% of Canadian Arrow shareholders and 50% of Canadian Arrow disinterested shareholders.  Such approvals were obtained at the annual and special meeting of shareholders of Canadian Arrow (“Meeting”) on January 19, 2018. Pursuant to the terms of the Agreement, Tartisan will issue to Canadian Arrow shareholders one common share of Tartisan for every 17.5 common shares of Canadian Arrow, resulting in the issuance of approximately 8,000,000 common shares of Tartisan. Additionally, Tartisan has set aside 4,500,000 common shares of Tartisan to settle Canadian Arrow debt pursuant to debt conversion agreements with various Canadian Arrow creditors. In addition, Canadian Arrow granted a 1% Net Smelter Return Royalty relating to its Kenbridge project as part of the debt settlement as it related to a previous loan. Dean MacEachern, Chief Executive Officer of Canadian Arrow stated “the completion of this transaction will provide Canadian Arrow shareholders with liquidity, sustaining capital and an opportunity to participate in the potential upside of Tartisan. We look forward advancing the Kenbridge project as well as participating in other business developments as part of Tartisan.” Completion of the Arrangement is subject to approval of the Ontario Superior Court of Justice (Commercial List) (the \"Court\"). Additionally, all other matters that were put before shareholders at the Meeting were approved. Canadian Arrow's application to the Court to obtain the final order approving the Arrangement is scheduled for January 25, 2018. Assuming Court approval is obtained and that the other conditions of the Arrangement are satisfied or waived, the Arrangement is expected to become effective on or about January 25, 2018, following which time the common shares of Canadian Arrow wil...

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