🕐02.06.14 - 17:00 Uhr
BOSS POWER CLOSES SETTLEMENT WITH GOVERNMENT
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Re: News Release - Monday, June 02, 2014
Boss Power Closes Settlement with Government
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NR: 14-09
Anthem Resources (TSXV: AYN) ("Anthem") is pleased to report that Boss
Power Corp.
(TSXV: BPU) ("Boss Power") has closed on its settlement
agreement with the province of British Columbia dated October 19, 2011.
As a result, the province paid $30,356,422.67 in full and final
settlement of Boss Powers lawsuit against the province for the deemed
expropriation of the Blizzard uranium deposit and related claims.
The settlement proceeds were paid out pursuant to a binding letter
agreement announced April 1, 2014, between Boss Power and Morning Star
Resources Ltd., Magic Dragon Ventures Ltd.
and Anthony Beruschi
(collectively, the "Beruschi Parties"), which required the settlement
proceeds be disbursed as follows: (i) $3,600,000 to Anthony Beruschi;
(ii) $2,500,000 to Boss Power for interim funding purposes; and (iii)
the balance of the settlement proceeds held in trust pending completion
of a divisive reorganization of Boss Power by way of plan of
arrangement under the Business Corporations Act (British Columbia) (the
"Arrangement") as more particularly described in the Anthem and Boss
Power press releases dated April 1, 2014.
The Arrangement will effect a division of Boss Power by way of a newly
incorporated spin out corporation ("Newco") that will receive $0.322 of
cash per share for shareholders that elect to become shareholders of
Newco rather than Boss Power.
It is expected that all Beruschi Parties
will elect to become shareholders of Newco.
Other Boss Power
shareholders that do not elect to become shareholders of Newco will
continue to be shareholders of Boss Power, which will have as its
primary assets the balance of the proceeds from the settlement,
estimated to have a cash value of approximately $0.35 per share after
the completion of the Arrangement.
The completion of the Arrangement is subject to various conditions,
including approval of Boss Power shareholders, approval by the British
Columbia Supreme Court, regulatory approvals including the approval of
the TSX Venture Exchange and customary closing conditions for a
transaction of this nature.
The Arrangement is now expected to close by
August 2014.
About Anthem Resources
Anthem Resources Inc.
is a Canadian exploration company, which holds a
number of mineral properties, joint ventures and royalty interests.
Anthem also owns a portfolio of securities in various junior
exploration companies including 27,250,000 shares of Boss Power.
On Behalf of the Board of Directors of
ANTHEM RESOURCES INC.
Walter Coles Jr.
President & CEO
Forward-Looking Information: This release contains forward-looking
information within the meaning of applicable Canadian securities
legislation.
All statements, other than statements of historical fact,
included herein including, without limitation, plans for and intentions
with respect to the Arrangement, are forward-looking statements.
Forward-looking statements involve various risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially
from those anticipated in such statements.
Important factors that could
cause actual results to differ materially from Anthems expectations
include uncertainty as to the completion of the Blizzard Settlement and
the Transaction in accordance with the terms and conditions of the
binding letter agreement; the accuracy of managements assessment of
the effects of the successful completion of the transaction; the timing
and prospects for Boss Powers shareholder acceptance of the
Arrangement and the implementation thereof; and the satisfaction of any
conditions to an Arrangement.
Anthems forward-looking statements
reflect the beliefs, opinions and projections on the date the
statements are made.
Anthem assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or other
factors, should they change.
Neither 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.
For further information contact:
Walter Coles, Jr., President/CEO or
Tony Perri - Investor Relations, Manager
Suite 611, 675 W.
Hastings Street
Vancouver, British Columbia, Canada
V6B 1N2
Tel: (604) 669-4799
Website: www.anthemresourcesinc.com
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Copyright (c) 2014 ANTHEM RESOURCES INC.
(AYN) All rights reserved.
For more information visit our website at
http://www.anthemresourcesinc.com/ or send
mailto:
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