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Message: Obtains Final Court Approval of Plan of Compromise and Arrangement
| May 29, 2009 |
| Cross Lake Obtains Final Court Approval of Plan of Compromise and Arrangement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2009) - Cross Lake Minerals Ltd. ("Cross Lake" or the "Company") reports that all court orders and creditors approvals required for the completion of the transactions provided for in the amended and restated plan of compromise and arrangement (the "Plan of Arrangement") filed by the Company on May 21, 2009 pursuant to the Companies' Creditors Arrangement Act ("CCAA") and the British Columbia Business Corporations Act ("BCBCA") have now been obtained, including the final order of the Supreme Court of British Columbia (the "Court") approving the Plan of Arrangement pursuant to the CCAA and BCBCA made on May 25, 2009, the approval of the bankruptcy proposal (the "BIA Proposal") filed by PricewaterhouseCoopers Inc., trustee in bankruptcy of the Company, pursuant to the Bankruptcy and Insolvency Act (the "BIA") by creditors' at a meeting held on May 27, 2009, and the order of the Court approving the BIA Proposal pursuant to the BIA made on May 29, 2009. The restructuring transactions provided for in the Plan of Arrangement, which are subject to a number of conditions, including the completion of the investment in the Company by Procon Mining and Tunnelling Ltd. pursuant to the Investment Agreement dated as of April 3, 2009, as amended, are expected to close on or about June 1, 2009. Additional information filed by the Company or the Monitor relating to the Plan of Arrangement, the BIA Proposal, the Final Order and the BIA Approval Order is available on the Monitor's website at www.pwc.com/car-crosslake. |
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