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Adanac Molybdenum Announces Closing of Arrangement

SURREY, BRITISH COLUMBIA–(Marketwired – Dec. 15, 2015) – Adanac Molybdenum Corporation (“Adanac” or the “Company“) (TSX VENTURE:AUA) is pleased to announce the completion, following the receipt of the final order of the Court on December 11, 2015, of the previously announced arrangement between Adanac and WBOX 2015-4 Ltd. (the “Purchaser“) under the Business Corporations Act (British Columbia) (the “Arrangement“). Pursuant to the Arrangement, the Purchaser acquired all of the issued and outstanding common shares of Adanac (“Adanac Shares“), other than the Adanac Shares owned by affiliates of the Purchaser (the “Purchaser Affiliates“) for a cash purchase price of $350,000 (the “Purchase Price“). In addition, pursuant to the Arrangement, Adanac distributed $4.27 million in cash to Adanac shareholders as a return of capital (the “Distribution“). The Purchase Price and Distribution will be delivered to Adanac shareholders, on a pro-rata basis, by Computershare Trust Company of Canada in accordance with each Adanac shareholder’s duly completed, executed and deposited Letter of Transmittal, except for the Purchaser Affiliates, which will only receive their pro-rata portion of the Distribution.

On a combined basis, the Purchase Price and the Distribution represent a cash consideration of approximately $0.1837 per Adanac Share, subject to exception in the case of the Purchaser Affiliates, which will only receive approximately $0.1677 per Adanac Share.

As a result of the Arrangement, the Adanac Shares will be delisted from the TSX Venture Exchange and an application will be made for Adanac to cease to be a reporting issuer.

Public filings relating to the Company are available on SEDAR at www.sedar.com.

Cautionary Notice: Certain statements contained in this news release constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement. Accordingly, because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS NEWS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Adanac Molybdenum Corporation
Leonard J. Sojka
#204 – 16055 Fraser Highway, Surrey, B.C. V4N 0G2
778.578.6834

 

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