VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 30, 2014) – Citation Resources Inc. (“Citation”) (TSX VENTURE:CTT) is pleased to announce that the shareholders of Citation have approved the previously announced plan of arrangement (the “Arrangement”) with Inlet Resources Ltd. (“Inlet”) pursuant to which Citation will become a wholly- owned subsidiary of Inlet.
At the annual general and special meeting of Citation held earlier today, the Arrangement was approved by approximately 92% of the votes cast by shareholders present in person or represented by proxy at the annual general and special meeting, excluding votes cast by Citation’s CEO and CFO.
Subject to the satisfaction or waiver of all other conditions to closing, including the approval of the Supreme Court of British Columbia, Citation and Inlet expect the Arrangement to be effective on or about July 8, 2014.
About Citation Resources Inc.
Citation Resources Inc. is a growth-oriented, Canadian mining company dedicated to the exploration and development of precious and base metal resources. Citation is based in Vancouver, British Columbia and aims to create shareholder value through the acquisition, exploration, and development of profitable mineral properties, in a manner that is consistent with best practice in environmental stewardship, safety and stakeholder engagement. Citation has an option agreement with Esperanza Resources Corp. (a subsidiary of Alamos Gold Inc.) to acquire a 100% interest in the Biricu Project mineral exploration concession located in Guerrero State, Mexico. The Biricu Project comprises more than 41,000 hectares of highly prospectable ground and management believes that the Biricu Project is the direct on-strike extension of five skarn deposits in the Guerrero Gold Belt (El Limon-Los Guajes – Torex Gold Resources Inc.; Bermejal, Los Filos, and Nukay – Goldcorp Inc.; Ana Paula – Newstrike Capital Inc.).
About Inlet Resources Ltd.
Inlet Resources Ltd. is a publicly listed company that trades under the symbol “INL” on the TSX Venture Exchange as a junior resource company with a focus on acquiring mineral projects that will provide the opportunity to enhance shareholder value. Inlet is incorporated in British Columbia, Canada and is a “reporting issuer” in British Columbia, Alberta and Ontario.
Cautionary Statements Regarding Forward-Looking Information
Certain statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the Arrangement, including the terms thereof and the planned closing time, and with respect to the Biricu Project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of such events to be materially different from any future results, outcome, performance or achievements expressed or implied by the statements. Such factors include, among others, the overarching risk that the Arrangement will not close. With respect to the Biricu Project, risk factors include the price of metals, results of exploration activities, relations with locals, the availability of exploration equipment, and risks related to the exercise of the option agreement with Esperanza Resources Corp. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. Citation and Inlet undertake no obligation to update forward-looking information or statements, other than as required by applicable law. Citation and Inlet make no implication that the mineralization of the property comprising the Biricu Project will be similar to that of adjacent properties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.