Friday, November 21, 2014 1:36:40 PM
November 20, 2014, Vancouver, B.C. -- Starcore International Mines Ltd. (TSX: SAM) ("Starcore") and American Consolidated Minerals Corp. (TSX-V: AJC) ("American Consolidated" or the "Company") are pleased to announce that the American Consolidated shareholders have approved the previously announced proposed acquisition of American Consolidated by Starcore, pursuant to a plan of arrangement (the "Transaction").
The Transaction was approved by American Consolidated's shareholders at the Company's Special Meeting (the "Meeting") held on November 20, 2014. At the Meeting 4,509,614 votes were cast in connection with the special resolution approving the Transaction with 4,483,714 votes cast for the motion (99.43%) and with 25,900 votes cast against the motion (0.57%).
The Transaction is expected to be completed on or about December 1, 2014 upon the satisfaction or waiver of all of the conditions set out in the arrangement agreement (the "Arrangement Agreement") entered into by American Consolidated and Starcore on October 1, 2014, including approval by the Supreme Court of British Columbia at a hearing scheduled for December 1, 2014. Upon completion of the Transaction, Starcore will acquire all of the outstanding common shares of American Consolidated through the issuance of one-third of a Starcore common share in exchange for each American Consolidated common share. Following completion of the Transaction, American Consolidated will be de-listed from the TSX Venture Exchange.
Full details of the terms of the Transaction are set out in American Consolidated's management information circular dated October 14, 2014, which is available on SEDAR at www.sedar.com. Additional information about American Consolidated is available on its website at www.americanconsolidatedminerals.com.
Neither the Toronto Stock Exchange nor 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 release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
For further information contact:
Gary Arca
Interim President & CEO
American Consolidated Minerals Corp.
Phone: 604-602-4935
Investor Relations
Starcore International Mines Ltd.
Evan Eadie
Phone: 416-640-1936
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