|By Marketwired .||
|September 23, 2013 07:43 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/23/13 -- Windarra Minerals Ltd. ("Windarra") (TSX VENTURE:WRA) is pleased to announce that its shareholders have approved the previously announced business combination involving Windarra and Wesdome Gold Mines Ltd. ("Wesdome") (TSX:WDO) under the Business Corporations Act (British Columbia) pursuant to which Wesdome will acquire all of the outstanding common shares in the capital of Windarra (the "Business Combination"). Under the terms of the Business Combination, each Windarra shareholder will receive 0.1 of a Wesdome common share for each Windarra common share held.
Over 99% of the Windarra common shares voted at today's special meeting of shareholders (the "Meeting") voted in favour of the special resolution approving the Business Combination. In addition, over 99% of the Windarra common shares held by minority shareholders of Windarra voted in favour of the special resolution approving the Business Combination. Approximately 50.2% of the issued and outstanding Windarra common shares were represented at the Meeting.
Assuming receipt of regulatory approval and all other conditions to the Business Combination being satisfied or waived, Windarra expects that the Business Combination will close on or about September 30, 2013. Following completion of the Business Combination, it is expected that Windarra will be a private company wholly-owned by Wesdome.
Windarra is an established Canadian exploration company. It has actively been involved in exploration and development projects in the Mishibishu Greenstone belt for 20 years, and holds a further 100% interest in the two Mishi mining leases consisting of approximately 705 hectares in the Mishibishu Lake township and a 25% interest in the Magnacon East property. It has 40,147,409 million Windarra Shares outstanding and trades on the TSX Venture Exchange under the symbol "WRA".
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the proposed Transaction between Windarra and Wesdome, the expected timetable for completing the Transaction, and any other statements about the future expectations, beliefs, goals, plans or prospects expressed by the management of Windarra. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Windarra and/or Wesdome to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Windarra disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Windarra undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.