Tenajon Shareholders Overwhelmingly Approve Business Combination With Crestonadmin
Friday, August 21st 2009
Creston Moly Corp. announce that at Tenajon’s Annual and Special Meeting of Shareholders held on August 20, 2009, Tenajon’s shareholders voted overwhelmingly in favour of the previously announced business combination, by way of Plan of Arrangement with Creston Moly Corp.
“We are extremely pleased that another step in our plan in creating a world class molybdenum explorer and developer in North America has been completed and are looking forward to making further advances,” said Colin K. Benner, Chairman of Creston. “The Company has an advanced staged open pit mining project in Mexico with El Creston, and as well, now has a pipe line of projects with the Ajax and Moly Brook molybdenum assets in Canada. We are pleased that Bruce McLeod will be heading up the company as its new CEO, as his experience in mine engineering and development and his contacts in the investment community will aid greatly in moving the company forward. The new management team is capable of taking the Creston Project to production while advancing the other prospects in Creston’s portfolio.”
At the Tenajon Meeting, a special resolution approving the Arrangement (the “Arrangement Resolution”) was passed by an affirmative vote of over the required two-thirds of the aggregate votes cast by Tenajon’s shareholders present in person and by proxy at the Meeting. Specifically, 99.6% of the votes cast in respect of the Arrangement Resolution voted in favour of the Arrangement Resolution.
Subject to obtaining the approval of the Supreme Court of British Columbia, and satisfying certain other closing conditions, the Arrangement is expected to close on or around August 26, 2009. In conjunction with the closing of the Arrangement the Company advises that it will be terminating management contracts with three directors for total consideration of $189,000 cash and 1,890,000 shares, subject to regulatory approval.