Owner
Post by Franko10 ™ on May 31, 2005 10:56:16 GMT -5
Forest Gate Shareholders Approve Blue Note Spin-Off
11:56 EDT Tuesday, May 31, 2005
MONTREAL, QC, May 31 /CNW/ - Forest Gate Resources Inc. reports that at its Annual General and Special Meeting held on May 25th, 2005 the company's shareholders voted overwhelmingly to go ahead with the spin-off of Blue Note Metals, the company's wholly-owned subsidiary.
A petition for a final order of the court to approve the Arrangement will be presented in Montreal on June 6, 2005. Shares of Blue Note Metals have conditionally been accepted for listing on the TSX Venture Exchange. At a recent meeting, the Forest Gate Board voted to defer the effective date, indicating the cut-off point for inclusion in the agreement, from June 6th, 2005 to a date that will coincide with the closing of a Blue Note financing, expected in late June.
At the AGM, the Company also re-elected its directors. Serving another one-year term on the board are Michael Judson, Jean Girard, André Audet and John Mavridis.
"We have created new value for shareholders with this transaction," said Michael Judson, President & CEO of Forest Gate. "Forest Gate can now concentrate on building its Canadian diamond exploration business and Blue Note can develop its metals business. There are significant opportunities for both."
"With Blue Note, we have created a vehicle for our shareholders to participate in the consolidation and development of the junior metals mining market," said Judson. "We have the game plan, management team and access to the financial resources required to create exceptional shareholder value."
Forest Gate is a publicly traded mineral exploration company with diamond properties in Saskatchewan and precious and base metal properties in New Brunswick. The company's shares and warrants trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
/For further information: ROBERT KRAMBERGER, INVESTOR RELATIONS, FOREST GATE RESOURCES INC., 866-666-3040, RKRAMBERGER(at)FORESTGATE.CA, http://WWW.FORESTGATE.CA; OR TREVOR BURNS, PRESIDENT, TIGER CAPITAL CORPORATION, TORONTO, ONTARIO, (416) 252-3663, INVESTOR(at)TIGERCAPITAL.COM/
11:56 EDT Tuesday, May 31, 2005
MONTREAL, QC, May 31 /CNW/ - Forest Gate Resources Inc. reports that at its Annual General and Special Meeting held on May 25th, 2005 the company's shareholders voted overwhelmingly to go ahead with the spin-off of Blue Note Metals, the company's wholly-owned subsidiary.
A petition for a final order of the court to approve the Arrangement will be presented in Montreal on June 6, 2005. Shares of Blue Note Metals have conditionally been accepted for listing on the TSX Venture Exchange. At a recent meeting, the Forest Gate Board voted to defer the effective date, indicating the cut-off point for inclusion in the agreement, from June 6th, 2005 to a date that will coincide with the closing of a Blue Note financing, expected in late June.
At the AGM, the Company also re-elected its directors. Serving another one-year term on the board are Michael Judson, Jean Girard, André Audet and John Mavridis.
"We have created new value for shareholders with this transaction," said Michael Judson, President & CEO of Forest Gate. "Forest Gate can now concentrate on building its Canadian diamond exploration business and Blue Note can develop its metals business. There are significant opportunities for both."
"With Blue Note, we have created a vehicle for our shareholders to participate in the consolidation and development of the junior metals mining market," said Judson. "We have the game plan, management team and access to the financial resources required to create exceptional shareholder value."
Forest Gate is a publicly traded mineral exploration company with diamond properties in Saskatchewan and precious and base metal properties in New Brunswick. The company's shares and warrants trade under the symbol FGT on the TSX Venture Exchange.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
The TSX Venture Exchange has not reviewed nor does it accept
responsibility for the adequacy or accuracy of this news release.
/For further information: ROBERT KRAMBERGER, INVESTOR RELATIONS, FOREST GATE RESOURCES INC., 866-666-3040, RKRAMBERGER(at)FORESTGATE.CA, http://WWW.FORESTGATE.CA; OR TREVOR BURNS, PRESIDENT, TIGER CAPITAL CORPORATION, TORONTO, ONTARIO, (416) 252-3663, INVESTOR(at)TIGERCAPITAL.COM/
