With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
Toronto, Canada, November 12, 2010 - BacTech Mining Corporation ("BacTech" or the "Company", TSX.V: BM) announced that shareholders of the Company have approved the Plan of Arrangement involving the Company, its subsidiary, BacTech Environmental Corporation ("BacTech Environmental"), and shareholders of the Company.
At a special meeting of shareholders held earlier today, shareholders of the Company approved the Arrangement, with 99.9% of the votes cast being in favour. Shareholders also approved (i) the change of name of the Company to REBgold Corporation, (ii) an amendment to the by-laws of the Company to eliminate the requirement that a majority of directors be resident Canadians, and (iiii) the adoption by BacTech Environmental of a stock option plan. Details of the Plan of Arrangement and each of the other matters approved at the shareholders' meeting are set out in the management information circular of the Company dated October 14, 2010.
Ross Orr, President and CEO of the Company, said "We are very pleased by the overwhelming support for the Arrangement transaction from the shareholders of the Company. The transfer of the Company's environmental remediation business into BacTech Environmental will facilitate the funding and development of that business, as well as the Company's mining technology business, which will continue under the name REBgold Corporation."
Completion of the Arrangement requires the approval of the Superior Court of Justice (Ontario) and satisfaction of certain other conditions precedent. A hearing by the Superior Court of Justice (Commercial List) is scheduled to be held on November 25, 2010.
Assuming court approval is obtained and all other conditions precedent are satisfied, it is expected that the Arrangement and the change of name of the Company to REBgold Corporation will occur on or about November 30, 2010. It is expected that REBgold Corporation will continue to trade on the TSX Venture Exchange under the symbol "RBG", and that BacTech Environmental will trade on the Canadian National Stock Exchange (CNSX) under the symbol "BAC".
Going forward, the Directors of REBgold Corporation will be Mark Burridge, Ross Orr, Stephen Fabian and Peter Secker. The Directors of BacTech Environmental will be John Gingerich, Ross Orr, Walter Cimowsky and Jay Naster.
BacTech owns patented bacterial oxidation technology for the treatment of refractory ores and concentrates to enhance the recovery of gold, silver and base metals. The technology can be applied to the processing of concentrates generated from mining, as well as from the reclamation of mine tailings.
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 release.