Ashanti obtains approvals to acquire IGR.ACCRA, Ghana--(BUSINESS WIRE)--June 12, 1996--Ashanti Goldfields Co. Ltd. ("Ashanti") and International Gold Resources Corp. ("IGR") announced today that IGR's shareholders and optionholders voted overwhelmingly in favor of the plan of arrangement at the special meeting held on June 10, 1996 approving the acquisition of the issued share capital of IGR. The plan of arrangement was approved by the Ontario Court of Justice The Ontario Court of Justice is a Provincial Court for the Canadian province of Ontario. This court oversees matters relating to family law and criminal law. This court is subordinate in relationship to the "superior" courts. on June 11. It is anticipated that the plan of arrangement will become effective on Monday June 17, 1996. Completion of the acquisition of IGR, together with the completion of the recently announced acquisition of GLAMCO will result in Ashanti acquiring a 90% interest in the Bibiani project, with the remaining 10% being owned by the Government of Ghana. Ashanti's shares or GDS's are listed on the Ghana Stock Exchange The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently has around 30 listed companies and 2 corporate bonds. All types of securities can be listed. , the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (symbol: ASL), the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (Symbol: AHD.U) and the Zimbabwe Stock Exchange The Zimbabwe Stock Exchange, or ZSE, is a small but active stock exchange in Africa. It has been open to foreign investment since 1993. It has about a dozen members and over 65 listed securities. . CONTACT: Ashanti Goldfields Company Limited John Grice, Corporate Secretary, (171) 256 9938 James Anaman, Corporate Affairs Manager (233) 21 778178 or International Gold Resources Corporation Stephen Dattels, Chairman 416/947-9208 Daniel Idzal, President 713/654-3004 or Shandwick Consultants (London) John Goold, (171) 329-0096 or Golin/Harris Communications (New York) Allan Jordan, 212/697-9191 or Continental Communications (Toronto) Allan Reynolds, 416/964-6444 |
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