American Creek Resources Completes Spin-out of Shares of Stinger Resources Inc.
Cardston, Alberta--(Newsfile Corp. - February 16, 2021) - American Creek Resources Ltd. (TSXV: AMK) (the "Company" or "American Creek") is pleased to announce that further to its press release dated December 5, 2020, the effective date for the spin-out of certain assets, including property interests, Tudor Gold Corp. shares, $2,500,000 cash, the right to contingent cash payments on exercise of certain outstanding warrants, and certain real property, to its shareholders by way of a plan of arrangement (the "Arrangement") with Stinger Resources Inc. ("Stinger") is expected to occur at 12:01 a.m. on February 25, 2021 (the "Effective Date"). Pursuant to the arrangement, holders of common shares of American Creek as of the close of business on February 24, 2021 will receive one new common share of American Creek (each, an "American Creek Share") and 0.11324 of a Stinger common share (each, a "Stinger Share"). The existing common shares of American Creek are expected to be delisted on the TSX Venture Exchange (the "TSXV") as of the close of business on February 24, 2021. American Creek Shares are expected to commence trading on the TSXV at the market opening on February 25, 2021. The CUSIP numbers for the new American Creek Shares and the Stinger Shares will be 025288309 and 860836105, respectively.
Olympia Trust Company ("Olympia Trust") will forward replacement certificates to each American Creek shareholder that is entitled to receive certificates, representing their allotted number of new American Creek Shares and Stinger Shares in accordance with the Arrangement. Letters of transmittal have been mailed to registered holders of common shares of American Creek, which must be completed and returned to Olympia Trust together with the share certificates of American Creek at the address specified in the letter of transmittal, in order for American Creek shareholders to receive new American Creek Shares and Stinger Shares following the Effective Date. A copy of the letter of transmittal is also available under the Company's profile on SEDAR at www.sedar.com. For more information, see the Company's management information circular dated October 29, 2020 filed under the Company's profile on SEDAR at www.sedar.com.
Stinger has received conditional approval to list the Stinger Shares on the TSXV. Final listing approval will be subject to Stinger satisfying all of the listing conditions of the TSXV. Stinger will announce by way of a further press release the date on which trading of the Stinger Shares will commence, which is expected to be in the first week of March, 2021. The trading symbol for the Stinger Shares will be "STNG". Further details regarding Stinger will be contained in Stinger's TSX-V Form 2B Listing Application, which is expected to be made available under Stinger's profile on SEDAR at www.sedar.com on February 25, 2021.
Darren Blaney, Chief Executive Officer of American Creek, stated the following: "We are very pleased to be able to get this Spinout transaction finalized. We appreciate those that have worked so diligently through extraordinary circumstances and associated additional challenges related to Covid with all of the various management, regulatory, legal, accounting, and geological components that are involved in successfully completing such an undertaking. We believe that this Spinout transaction will create significant shareholder value as each shareholder of American Creek will now also be able to participate in the advancement and future successes of Stinger."
About American Creek Resources Ltd:
American Creek holds interests in gold properties in British Columbia, including the Treaty Creek joint venture project with Tudor Gold (Walter Storm) which is located in the prolific "Golden Triangle", and the Austruck-Bonanza property located near Kamloops.
About Stinger Resources Inc.:
Stinger holds interests in gold and silver properties in British Columbia, including the 100% owned past producing Dunwell Mine which is located in the prolific "Golden Triangle". In addition, Stinger owns the Gold Hill and D1 McBride properties, as well as optioned interests in the Ample Goldmax, Silver Side and Glitter King properties, all of which are located in other prospective areas of the Province of British Columbia.
ON BEHALF OF AMERICAN CREEK RESOURCES LTD.
Darren Blaney, President & CEO
ON BEHALF OF STINGER RESOURCES INC.
Robert Edwards, CFO
For further information please contact Kelvin Burton at:
Phone: 403 752-4040; or
Information relating to American Creek is available on its website at www.americancreek.com
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.
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans" or variations of such words and phrases or statements that certain actions, events or results "will" occur). Forward-looking statements in this press release include, but are not limited to, statements regarding the completion of the Arrangement and final regulatory approval to the listing of the Stinger Shares. Such forward-looking information involves known and unknown risks -- including the Arrangement not being completed; the Stinger Shares not being listed on the TSXV; the availability of funds; the results of financing and exploration activities; unanticipated costs, expenses, or liabilities associates with the Arrangement; the interpretation of exploration results and other geological data; or unanticipated costs and expenses and other risks identified by American Creek in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. American Creek does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74691