Sep 24 2010
Thompson Creek Metals Company Inc. ("Thompson Creek" or "Company") (NYSE: TC and TSX:TCM), one of the world's largest publicly traded, pure molybdenum producers, announced that the shareholders of Terrane Metals Corp. ("Terrane") (TSX-V:TRX), at a special meeting held today, approved the previously announced acquisition of all of the issued and outstanding equity of Terrane by Thompson Creek pursuant to a plan of arrangement ("Arrangement").
The special resolution was approved by 99% of the votes cast by Terrane securityholders entitled to vote on the resolution. Upon completion of the Arrangement, Terrane shareholders will receive C$0.90 in cash and 0.052 Thompson Creek common shares per Terrane share.
"We are extremely pleased that the shareholders of Terrane overwhelmingly approved the transaction and we look forward to developing the Mt. Milligan project," said Kevin Loughrey, Chairman and Chief Executive Officer of Thompson Creek. "The assets acquired through the Terrane acquisition are expected to position Thompson Creek well for continued growth and diversification," added Mr. Loughrey.
Completion of the Arrangement is subject to customary consents, regulatory and other approvals, and final approval of the Supreme Court of British Columbia. The court hearing is scheduled for September 24, 2010, with the completion of the Arrangement expected to occur in early October 2010.