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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. |
