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Message: Silverstone Shareholders Approve Arrangement With Silver Wheaton
| May 19, 2009 |
| Silverstone Shareholders Approve Arrangement With Silver Wheaton |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2009) - Silverstone Resources Corp. ("Silverstone") (TSX VENTURE:SST) is pleased to announce that Silverstone's shareholders have approved the previously announced acquisition of Silverstone by Silver Wheaton Corp. ("Silver Wheaton") by way of plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). At the special meeting of Silverstone shareholders held today, the Arrangement was approved by 74.67% of the votes cast by the Silverstone shareholders. Pursuant to the Arrangement, Silver Wheaton will acquire all of the issued and outstanding common shares of Silverstone at an exchange ratio of 0.185 of a Silver Wheaton common share for each Silverstone common share. The closing of the Arrangement remains subject to final court approval, which Silverstone intends to seek from the British Columbia Supreme Court on May 20, 2009. Subject to court approval being obtained and the other conditions to closing being satisfied or waived, the Arrangement is expected to be effective on May 21, 2009. Silverstone has received a notice from one Silverstone shareholder purporting to exercise dissent rights in respect of the Arrangement, in respect of 8,705,500 Silverstone common shares, representing approximately 7% of the issued and outstanding common shares of Silverstone. Completion of the Arrangement is subject to a condition in favour of Silver Wheaton that holders of no more than 5% of the Silverstone common shares exercise dissent rights. Silver Wheaton has indicated its intention to waive this condition and complete the Arrangement. Further details regarding the terms of the Arrangement are set out in Silverstone's management information circular dated April 16, 2009, which is available at www.sedar.com. |
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