Presumably this is the paragraph in the NR you are talking about:

"Century shareholders are further cautioned that the proposed Business Combination will constitute a taxable transaction for Canadian-resident shareholders and may be a taxable transaction for shareholders in other jurisdictions, with any resulting tax being required to be paid in cash."

Personally, I think the above is sufficiently vague that its meaning is not really clear. Furthermore, I see nothing about this in the actual Arrangement Agreement that was posted on SEDAR. Hopefully there will be more in the information circular. Yes, it does require clarification.

FWIW, even in a worst case scenario I guess the above would be a non-issue for those holding CMM in registered accounts (RRSP, TFSA).