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Helio Rejects Shanta Gold's Invalid Attempt to Terminate Arrangement Agreement
Helio Rejects Shanta Gold's Invalid Attempt to Terminate Arrangement Agreement Can...
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[{"type":"text","content":"\n\n\n\nHelio Rejects Shanta Gold's Invalid Attempt to Terminate Arrangement Agreement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 6, 2017\n\n\n\nTSX-V Trading Symbol: HRCE-mail: [email protected]           \n\nPhone: +1 604 638 8005Website: www.helioresource.com\n\n\n\nVANCOUVER, Sept. 6, 2017 /CNW/ - Helio Resource Corp (TSX-V: HRC), (\"Helio\" or the \"Company\") reports that, after careful consideration, it has concluded that there is no proper basis for Shanta Gold's purported termination of the arrangement agreement between Shanta Gold and the Company. Accordingly, the arrangement agreement remains in effect and Helio expects Shanta Gold to satisfy its obligations thereunder, including taking all commercially reasonable actions required to complete the transaction.\n\nRichard Williams, Helio's CEO, said \"We strongly disagree with Shanta Gold's assertion that the recent changes to Tanzania's mining laws amount to a material adverse effect as defined in the arrangement agreement and reject their opportunistic attempt to walk away from their obligations. We believe that combining Shanta Gold and Helio continues to make sense for both companies and are disappointed that our partner in this transaction chose to take this drastic step without any prior discussions.\"\n\nHelio intends to vigorously enforce all of its rights under the arrangement agreement and seek to consummate the merger on the agreed terms.\n\nAbout Helio Resource Corp.\n\nHelio Resource Corp. is a resource company focused on advancing the 100% owned SMP Gold Project in Tanzania to a production decision.\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n\"Richard D. Williams\"Richard D. Williams, P.Geo\n\nStatements Regarding Forward-Looking Information\n\nCertain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as \"anticipated\", \"estima...