Wolfden provides corporate update
Friday June 30, 11:51 am ET
ca.us.biz.yahoo.com
Shares Issued: 74,647,878
THUNDER BAY, ON, June 30 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF - News) is pleased to update corporate matters following the completion of the company's annual and special meeting of shareholders held on June 28, 2006.
The previous seven directors were re-elected at the meeting in addition to the new appointments of Mr. Frank Balint and Mr. Dan Johnson. The board of directors wishes to welcome Frank and Dan to the board.
The shareholders of Wolfden approved the previously announced proposed arrangement involving Wolfden and a new company, Premier Gold Mines Limited. Pursuant to the arrangement agreement between Wolfden and Premier, Wolfden and Premier have agreed to complete the Arrangement pursuant to which, on the terms and subject to the conditions set out in such agreement, the interest of Wolfden in the Bonanza project, the East Bay project and certain other mineral resource property interests of Wolfden located in the Province of Ontario together with $2,000,000 in cash will be transferred to Premier. Upon completion of the Arrangement the shareholders will have the same percentage shareholding in each of Wolfden and Premier.
The completion of the Arrangement is conditional upon, among other things, the approval by the Ontario Superior Court of Justice, receipt by Wolfden of an advance income tax ruling from the Canada Revenue Agency which confirms that the Arrangement may be completed on a tax neutral basis for Wolfden and the shareholders of Wolfden, and receipt of all other regulatory and third person consents and approvals required in connection with the Arrangement, including for the transfer by Wolfden of the mineral resource property interests to Premier.
Upon completion of the Arrangement, Wolfden will continue to hold, among other things, its mineral resource property interests located in Nunavut and the Northwest Territories, which include the High Lake property, the Ulu Gold property, the Izok property, the Hood property and a 60 per cent interest in the Gondor property. Wolfden will also retain approximately $15,142,569 in cash and a portfolio of securities and other financial instruments having a total market value of approximately $6,163,195 as at March 31, 2006.
WOLFDEN is a Canadian based mineral exploration and development company with a diversified portfolio of advanced stage properties and several ongoing exploration programs in Canada. Wolfden is debt free and has a strong treasury.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
For further information
Ewan Downie, President, Phone: (807) 346-1668, Fax: (807) 345-0284, e-mail: Info@wolfdenresources.com, Web Site: www.wolfdenresources.com
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Source: Wolfden Resources Inc. |
