Bayfield Ventures (BYV-V) closed out. Bayfield Shareholders Approve Acquisition by New Gold (NGD-T)
Dec 29, '14 - NR
Bayfield Ventures is pleased to announce that at a special meeting of the shareholders of Bayfield Ventures Corp. held on December 29, 2014, shareholders of Bayfield approved the previously announced acquisition by New Gold of all of the outstanding common shares of Bayfield by way of a plan of arrangement (the "Arrangement").The Arrangement was approved by the affirmative vote of approximately 94.7% of the votes cast by Bayfield Shareholders, present in person or represented by proxy at the Meeting. On November 26, 2014, Bayfield obtained an interim order of the Supreme Court of British Columbia under the Business Corporations Act (British Columbia) in connection with the Arrangement. Bayfield is scheduled to return to court on December 30, 2014 to seek a final order to implement the Arrangement. The Arrangement is subject to certain other conditions and regulatory approvals and is expected to be completed on or about January 1, 2015.
Under the terms of the Arrangement, Bayfield shareholders will receive 0.0477 of a New Gold common share for each Bayfield share held.
Upon closing of the Arrangement, Bayfield's assets, which include a 100% interest in three Rainy River district mineral properties totalling 2,536 acres located in north-western Ontario, will be integrated into New Gold's Rainy River project land package. Bayfield's properties adjoin New Gold's Rainy River project with Bayfield's Burns Block located immediately to the east of New Gold's proposed open pit gold-silver mine.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. has been exploring for gold and silver in the Rainy River district of north-western Ontario. Bayfield's goal is to increase shareholder value by developing exploration projects near world-class deposits that have the potential of becoming new discoveries.
For further information on Bayfield Ventures Corp. (TSX VENTURE BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, Chairman and CEO |
