VANCOUVER, BRITISH COLUMBIA, Oct. 6, 2009 (Marketwire) -- Selkirk Metals Corp. ("Selkirk") (TSX VENTURE:SLK) is pleased to announce that, further to its news releases dated July 27 and September 15, 2009 relating to the proposed merger with Imperial Metals Corporation ("Imperial") (TSX:III) by way of plan of arrangement (the "Arrangement"), the Supreme Court of British Columbia granted an interim order on September 29, 2009 approving the calling of a special meeting (the "Meeting") of the shareholders of Selkirk (the "Selkirk Shareholders").
The Meeting will be held at 9:30 am (Pacific time) on Friday, October 30, 2009 at Suite 800 - 1199 West Hastings Street, Vancouver, British Columbia for the purpose of, among other things, considering and, if deemed advisable, passing a resolution approving the Arrangement, as more fully set forth in the notice of meeting and information circular of Selkirk dated as of September 16, 2009 (the "Notice of Meeting and Circular"), a copy of which is available on SEDAR at www.sedar.com under Selkirk's profile.
As previously announced, under the terms of the arrangement agreement dated September 14, 2009 among Selkirk, Imperial and Bethlehem Copper Corporation, a subsidiary of Imperial (the "Arrangement Agreement"), Selkirk Shareholders (other than holders exercising dissent rights) may elect to receive either $3.60 cash for every 30 common shares of Selkirk ("Selkirk Shares") held, or one common share of Imperial (an "Imperial Share") for every 30 Selkirk Shares held. Imperial is not required to issue more than 2,200,000 Imperial Shares in connection with the Arrangement. If elections made by Selkirk Shareholders would otherwise result in the issuance of more than 2,200,000 Imperial Shares, such number of Imperial Shares will be allocated among such electing holders on a pro-rata basis, with the balance of the consideration payable in cash. If no election is made by a Selkirk Shareholder by the time of the Meeting, such holder will be deemed to have elected to receive cash.
Accompanying the Notice of Meeting and Circular and other materials that were mailed to Selkirk Shareholders of record as at the close of business on September 16, 2009 in connection with the Meeting is a form of Letter of Acceptance and Transmittal and Election Form (the "Letter of Transmittal") which sets out the procedure to be followed by registered Selkirk Shareholders in depositing their Selkirk Shares. Selkirk Shareholders are encouraged to sign, date and return the Letter of Transmittal in accordance with the instructions set out therein and in the Notice of Meeting and Circular so that they may make the election to receive Imperial Shares or cash for their Selkirk Shares and, if the Arrangement is completed, payment for their Selkirk Shares may be sent to them as soon as possible following completion of the Arrangement. If a Selkirk Shareholder does not return a duly completed Letter of Transmittal before the time of the Meeting, such holder will be deemed to have elected to receive cash for their Selkirk Shares. A copy of the Letter of Transmittal is also available on SEDAR at www.sedar.com under Selkirk's profile.
Imperial is a mine development and operating company based in Vancouver, British Columbia. Imperial's key properties are the Mount Polley open pit copper/gold producing mine in central British Columbia, the Huckleberry open pit copper/molybdenum producing mine in northern British Columbia, the development stage Red Chris property in northwest British Columbia, and the development stage Sterling gold property in southwest Nevada.
Selkirk is a Vancouver based mineral exploration and development company with a large portfolio of exploration properties predominantly in British Columbia. Since it commenced operating in 2005 Selkirk has focused its field operations on the exploration and development of the Ruddock Creek Zinc/lead project and the Catface copper project both of which have a defined resource and development potential.
For further information on Imperial Metals Corporation, please contact Brian Kynoch, President 604-669-8959, or visit our website at www.imperialmetals.com.
SELKIRK METALS CORP.
Gordon Keevil, President and CEO
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or "forward-looking information" within the meaning of Canadian securities laws. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that Selkirk expects, are forward-looking statements. Although management believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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.