Terra Nova Announces Shareholder Approval of Issuance of Shares in Connection With Its Proposed Acquisition of Mass Financial Corp.
NEW YORK, Nov. 1, 2010 /PRNewswire-FirstCall/ — Terra Nova Royalty Corporation (NYSE: TTT) (“Terra Nova”) is pleased to announce that, further to its press release dated September 27, 2010 respecting the proposed acquisition of Mass Financial Corp. (“Mass”) (Vienna Stock Exchange symbol: MASS) (Pink Sheets: MFCAF) by a wholly-owned subsidiary of Terra Nova (the “Transaction”), it has received the approval of its shareholders respecting the issuance of Terra Nova’s common shares in connection with the Transaction.
At a special meeting of Terra Nova’s shareholders held on October 29, 2010, a resolution approving the issuance of shares under the Transaction was approved by over 99% of the votes cast by Terra Nova’s shareholders. Shareholder approval of the issuance of common shares of Terra Nova under the Transaction was required by the rules of the New York Stock Exchange as the number of shares to be issued pursuant to the Transaction exceeds 20% of its issued shares.
The Transaction remains subject to certain conditions, including Terra Nova acquiring such number of Mass shares under the offer made by Terra Nova and its wholly-owned subsidiary to Mass shareholders that, together with Mass shares held by Terra Nova, constitute not less than 50.1% of the Mass shares on a fully-diluted basis.
About Terra Nova
Terra Nova is active in the mineral royalty and natural resources industry.
This document contains statements which are, or may be deemed to be, “forward-looking statements” which are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects” or “does not expect”, “is expected”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Terra Nova to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of Terra Nova to differ materially from the expectations of Terra Nova include, among other things, general business and economic conditions globally, commodity price volatility, industry trends, competition, changes in government and other regulation, including in relation to the environment, health and safety and taxation, labor relations and work stoppages, changes in political and economic stability, the failure to meet certain conditions of the offer and/or the failure to obtain the required approvals or clearances from regulatory and other agencies and bodies on a timely basis or at all, the inability to successfully integrate Mass’s operations and programs with those of Terra Nova, incurring and/or experiencing unanticipated costs and/or delays or difficulties relating to integration of Mass, disruptions in business operations due to reorganization activities and interest rate and currency fluctuations. Such forward-looking statements should therefore be construed in light of such factors.
Other than in accordance with its legal or regulatory obligations, Terra Nova is not under any obligation and Terra Nova expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Corporate Investors Media Terra Nova Royalty Corp Allen & Caron Inc. Allen & Caron Inc. Rene Randall Joseph Allen Len Hall 1 (604) 683-8286 ex 224 1 (212) 691-8087 1 (949) 474-4300 email@example.com firstname.lastname@example.org email@example.com
SOURCE Terra Nova Royalty Corporation