American Creek Resources Ltd. (ACKRF)

[douginil]

Spin-out of Stinger Resources Inc. Approved at American Creek's Annual General & Special Meeting

Cardston, Alberta--(Newsfile Corp. - December 5, 2020) - American Creek Resources Ltd. (TSXV: AMK) (the "Company" or "American Creek") is pleased to announce that further to its press release of October 5, 2020, it has received the requisite shareholder approval for the proposed spinout of the Company's Dunwell Property, and other properties, assets and cash (collectively, the "Assets") to its shareholders by way of a share capital reorganization effected through a statutory plan of arrangement (the "Arrangement"). Under the Arrangement, American Creek will transfer the Assets to its wholly-owned subsidiary, Stinger Resources Inc. ("Stinger"), in consideration for approximately 45,000,000 Stinger common shares. The Stinger shares will then be distributed to American Creek's shareholders pro rata their interest in American Creek such that upon completion of the Arrangement, American Creek's shareholders will own shares in two public companies. American Creek optionholders and warrantholders will also receive a proportionate number of Stinger options and Stinger warrants, respectively.

Investors who are American Creek shareholders as of the close of business on the business day immediately preceding the effective date of the Arrangement will be entitled to receive one new American Creek share and a fraction of a Stinger common share pursuant to the terms of the Arrangement.

Shareholder approval of the Arrangement was obtained at the Company's Annual General & Special Meeting (the "Meeting") of shareholders held on December 3, 2020, which saw 25.88% of all of the issued and outstanding shares of the Company being represented at the Meeting. Shareholders voting on the Arrangement resolution voted overwhelmingly in favour (99.87%) of the Arrangement. Completion of the Arrangement remains subject to final Court approval and the approval of the TSX Venture Exchange.

Read at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=a3605ef616