| Mon 16 Feb 2009, 7:21 | | TEL - Teal Exploration & Mining Incorporated - Shareholders of Teal approve plan |
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TEL
TEL
TEL - Teal Exploration & Mining Incorporated - Shareholders of Teal approve plan
of arrangement with Arm and Vale
TEAL EXPLORATION & MINING INCORPORATED
Corporate Access Number: 31403
ISIN: CA8781511099
(Incorporated in Yukon, Canada on 1 June 2005)
SA Company Registration Number: 2006/003229/10
JSE share code: TEL
JSE short name: TEAL
SHAREHOLDERS OF TEAL APPROVE PLAN OF ARRANGEMENT WITH ARM AND VALE
Johannesburg, South Africa - TEAL Exploration & Mining Incorporated ("TEAL"), a
mineral development and exploration company incorporated under the laws of the
Yukon, Canada, is pleased to announce that its shareholders have overwhelmingly
voted in favour of the proposed plan of arrangement (the "Arrangement"),
announced on December 15, 2008, with African Rainbow Minerals Limited ("ARM")
and Companhia Vale do Rio Doce ("Vale") at a special meeting of TEAL`s
shareholders held on Friday, February 13, 2008. Shareholders unable to attend in
person at the meeting in Johannesburg were permitted to attend the meeting by
conference telephone made available in Toronto, Canada. The Arrangement was
approved by: (i) more than 99.99% of votes cast at the meeting in person or by
proxy; and (ii) more than 99.98% of the votes cast at the meeting in person or
by proxy by shareholders other than ARM or its affiliates.
Completion of the Arrangement remains subject to final approval by the Supreme
Court of the Yukon Territory, at a hearing currently expected to take place on
February 17, 2009 as well as the receipt of other regulatory approvals and other
specific closing conditions, which are all expected over the coming weeks.
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on
+27 (0) 82 4524 389; or julian@tealmining.com
INFORMATION ABOUT TEAL: TEAL is incorporated under the laws of the Yukon, Canada
and its common shares are listed on the TSX and the JSE Limited ("JSE"). The
common shares of the Company trade under the symbol "TL" on the TSX and "TEL" on
the JSE. TEAL is a mineral development and exploration company with development
projects and exploration areas in Namibia, Zambia, Mozambique and the DRC, and
it also has a portfolio of base and precious metal development projects and
complementary exploration areas. TEAL has targeted specific projects: the
Konkola North Copper project in Zambia; the Otjikoto Gold Project in Namibia;
and the Kalumines Copper-Cobalt Project in the DRC.
ADDITIONAL TEAL INFORMATION CAN BE FOUND AT: www.tealmining.com
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements with respect to
the Arrangement and the transactions contemplated thereby, including the
proposed business combination of TEAL and ARM, TEAL`s financial condition,
results of operations, business, prospects, plans, objectives, goals,
strategies, future events, capital expenditures, and exploration and
development efforts. Words such as "anticipates", "expects", "intends",
"plans", "forecasts", "projects", "budgets", "believes", "seeks", "estimates",
"could", "might", "should" and similar expressions identify forward-looking
statements. These statements include comments regarding operations and
synergies of the combined entity, the establishment and estimates of mineral
reserves and mineral resources, production, production commencement dates,
production costs, grade, processing capacity, potential mine life, feasibility
studies, development costs, capital and operating expenditures, exploration,
and the closing of certain transactions including acquisitions.
Although TEAL believes that the plans, intentions and expectations reflected
in these forward-looking statements are reasonable, TEAL cannot be certain
that these plans, intentions or expectations will be achieved. Forward-looking
statements involve numerous assumptions, known and unknown risks and
uncertainties, of both a general and specific nature, that could cause
actual results to differ materially from those suggested by the forward-looking
statements or contribute to the possibility that predictions, forecasts
or projections will prove to be materially inaccurate. These risks include,
but are not limited to, the following: (a) a material and adverse change in
the anticipated tax treatment of the Arrangement; (b) the inability of the
Company to obtain: (i) all required regulatory approvals and necessary
consents; and (ii) approval of the Arrangement by the Supreme Court of the
Yukon Territory; (c) a failure by the Company to complete the necessary
pre-Arrangement corporate reorganizations; (d) the occurrence of a material
adverse change in regard to the Company or its business; and (e) the occurrence
of any other event, change or other circumstances that could give rise to
the termination of the Arrangement agreement, or the delay of consummation of
the Arrangement or failure to complete the Arrangement for any other reason.
TEAL disclaims any intention or obligation to update or revise any forward-
looking statement, whether as a result of new information, future events or
otherwise. TEAL cautions that the list of risks and assumptions set forth or
referred to above is not exhaustive.
16 February 2009
Sponsor: Investec Bank Limited
Date: 16/02/2009 07:21:03 Produced by the JSE SENS Department.
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