Dec. 23, 2009 (TheNewswire.ca) --
Golden Arrow Resources Corporation (GRG - TSX.V)("Golden Arrow" or the "Company"), a Grosso Group member company, is pleased to report that all resolutions have been passed at Golden Arrow's Special Meeting of Securityholders held on December 23, 2009. Securityholders passed all resolutions with an approval rate of over 99%.
The Board of Directors and Management would like to thank all shareholders and warrantholders for their overwhelming vote of confidence.
One of the key resolutions passed at the meeting was the approval of the corporate reorganization that will have the result of spinning-off Golden Arrow's Peruvian and Colombian assets to create a newly listed and more focused public company. The shares of this new company will be distributed to Golden Arrow shareholders on the effective date of the arrangement, which is expected to be on or about January 15, 2010, or such later date as the Company determines.
Following the completion of the Arrangement, Golden Arrow will retain its Argentinean mineral assets and its royalty interest in Yamana Gold Inc.'s (NYSE:AUY) (TSX:YRI''C) (OOTC:AUYWF) (TSX:YRI) Gualcamayo property (the "Gualcamayo Royalty) and the new company, Golden Alliance Resources Corp. ("Golden Alliance") will hold the Company's current Peruvian and Colombian properties, and will apply to be listed on the TSX Venture Exchange (the "TSX-V"). As management believes that the Company's share valuation is primarily driven by the Company's Argentinean properties and the Gualcamayo Royalty, management determined that it could maximize shareholder value by spinning out the Company's Peruvian and Colombian properties into a separate publicly listed company that could focus on the development of those properties.
The reorganization is subject to TSX Venture Exchange approval and final court approval, which is being sought in mid January 2010.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & C.E.O.
For further information please contact Joseph Grosso, President & CEO, or Corporate Communications at 1-800-901-0058.
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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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