VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 27, 2012) - Hana Mining Ltd. (the "Company" or "Hana") (TSX VENTURE:HMG)(FRANKFURT:4LH)(BOTSWANA:HANA) announces that at a special meeting (the "Meeting") held today, its shareholders approved the previously announced plan of arrangement (the "Arrangement") involving the Company, Cupric Canyon Capital LP ("Cupric") and Cuprous Capital Ltd. ("Cuprous"), whereby Cupric has agreed to acquire all of the issued and outstanding common shares of Hana (the "Shares") not owned by Cupric for C$0.82 per Share in cash.
The special resolution approving the Arrangement was approved by more than two-thirds of the votes cast by Hana shareholders present in person or represented by proxy at the Meeting as well as two-thirds of the votes cast by Hana shareholders and optionholders present in person or represented by proxy at the Meeting, voting as a single class. A resolution approving the Arrangement was also passed by a majority of the minority shareholders of the Company. The hearing for the final order to approve the Arrangement is currently scheduled to take place on or about January 7, 2013. The closing of the Arrangement remains subject to the granting of the final order by the Supreme Court of British Columbia, the satisfaction or waiver of all other conditions of the Arrangement and the final approval of the TSX Venture Exchange ("TSX-V"). The completion of the Arrangement is expected to occur in January 2013, at which time the Shares will be de-listed from both the TSX-V and the Botswana Stock Exchange.
Further information regarding the Meeting and the proposed Arrangement are contained in the Company's November 16, 2012 information circular that has been filed under the corporate profile of Hana on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
The Company has been exclusively engaged in mineral exploration activity in Botswana since mid-2007, specifically targeting discovery of precious and base metals. The Company has a controlling interest in Hana Ghanzi Copper (Pty) Ltd. (formerly Stellent (Proprietary) Ltd.) who in turn controls 5 prospecting license blocks in Botswana, covering 2,149 square kilometers in area, situated south of the town of Maun. The Company's single exploration project, the Ghanzi Copper-Silver Project, is located on this license area.
Certain information contained in this news release, including any information relating to the Arrangement and Hana's future financial or operating performance may be deemed "forward-looking". These statements relate to future events or future performance and reflect Hana's expectations regarding the Arrangement, and the future growth, results of operations, business prospects and opportunities of Hana and the combined company. These forward-looking statements also reflect Hana's current internal projections, expectations or beliefs and are based on information currently available to Hana, respectively. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Assumptions upon which such forward looking information regarding completion of the Arrangement is based include that Hana will be able to satisfy the conditions to the Arrangement, that the required approvals will be obtained from the shareholders and optionholders of Hana, that all third party regulatory and governmental approvals to the Arrangement will be obtained and all other conditions to completion of the Arrangement will be satisfied or waived. Although Hana believes that the forward-looking information contained in this news release is based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Hana expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services provider (as that term in defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.