TRX up today on this news release? One of the few greens today.
Terrane approves Goldcorp's Mt. Milligan backing at AGM
2008-08-11 11:22 ET - News Release
Mr. Robert Pease reports
TERRANE SHAREHOLDERS APPROVE GOLDCORP TRANSACTION
Terrane Metals Corp. has provided the results of its special shareholders meeting held on Aug. 8, 2008.
At the meeting Terrane shareholders approved the resolutions placed before them by company management to approve the transactions more fully described in the company's news release in Stockwatch dated July 9, 2008, granting an option to Goldcorp Inc. to acquire a direct joint-venture interest in the company's 100-per-cent-owned Mt. Milligan property in return for Goldcorp providing a loan guarantee for a $40-million credit facility for the company from the Bank of Montreal as financing for the commercialization of the Mt. Milligan property. The transaction resolution included authorizing and ratifying the execution and delivery of agreements comprising the transactions and the increase of the number of directors of Terrane to seven, as contemplated under the transactions, to permit appointment of two representatives of Goldcorp as additional directors of the company.
Goldcorp's nominees to the Terrane board will be Charles Jeannes, executive vice-president, corporate development, and Rohan Hazelton, vice-president, finance. Their appointment to the board will proceed in due course.
Robert Pease, president and chief executive officer of Terrane, stated: "We are very pleased with the strong support we received from our shareholders in approving the transaction. Providing Goldcorp with the opportunity to convert their equity position in Terrane into a direct joint-venture interest in the Mt. Milligan project, and having Goldcorp secure a $40-million credit facility which allows Terrane to continue to advance the project is a very important milestone. We also welcome our new board members and look forward to the depth of experience they will bring in strategic guidance of Terrane."
Kevin McArthur, president and chief executive officer of Goldcorp, commented, "We are also very pleased that Terrane shareholders have approved the transaction allowing Goldcorp to financially support the project with an option to participate in the future commercial operation of Mt. Milligan."
In addition, and as a consequence of shareholder approval at the meeting to the transaction resolution, the company confirms that it has now also received approval for the transactions by the TSX Venture Exchange as of Aug. 8, 2008.
These shareholder and exchange approvals fulfill the obligations of the company under the letter agreement between the company and Goldcorp dated May 26, 2008, to obtain corporate and regulatory approval for the transactions within 75 days of the initial announcement of the same.
We seek Safe Harbor.
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