| Wed 18 Feb 2009, 17:18 | | TEL - Teal Receives Court Approval for Arrangement with Arm and Vale; Teal |
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TEL
TEL
TEL - Teal Receives Court Approval for Arrangement with Arm and Vale; Teal
Announces Information Concerning Closing Timetable
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
Wednesday, 18 February 2009
TEAL RECEIVES COURT APPROVAL FOR ARRANGEMENT WITH ARM AND VALE; TEAL
ANNOUNCES INFORMATION CONCERNING CLOSING TIMETABLE
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 it has obtained final court
approval from the Supreme Court of the Yukon Territory for the previously
announced plan of arrangement (the "Arrangement") with African Rainbow
Minerals Limited ("ARM") and Companhia Vale do Rio Doce ("Vale"). The
Arrangement was previously approved by: (i) over 99.9% of all votes cast on a
special resolution (the "Special Resolution") of TEAL`s shareholders at a
special meeting of shareholders held on February 13, 2009; and (ii) over
99.9% of the votes cast on the Special Resolution by shareholders other than
ARM and its affiliates.
Closing Timetable: Completion of the Arrangement remains subject to the
receipt of other regulatory approvals and satisfaction of specific closing
conditions, which are all expected in the near future; however, the timetable
for settlement with respect to shareholders on TEAL`s South African branch
register as announced on the Stock Exchange News Service ("SENS") on February
6, 2009 and which appears on page 29 of TEAL`s management proxy circular
dated January 19, 2009, is no longer applicable. As soon as all necessary
regulatory approvals and other specific closing conditions have been
satisfied, a revised timetable will be announced on SENS.
ends
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. Words such as "anticipates", "expects",
"intends", "plans", "forecasts", "projects", "budgets", "believes", "seeks",
"estimates", "could", "might", "should" and similar expressions identify
forward-looking statements. 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 all required
regulatory approvals and necessary consents; (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.
For further details contact:
Julian Gwillim (VP: Investor Relations and Corporate Development) on
+27 (0) 82 4524 389; or julian@tealmining.com
18 February 2009
Sponsor: Investec Bank Limited
Date: 18/02/2009 17:18:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
