NEWS RELEASE
SELKIRK METALS CORP.
1255
West Pender Street,
Vancouver,
B.C. V6E 2V1
Tel: (604) 687-2038 / Fax: (604) 687-3141
TSX
Venture Exchange:
SLK
Selkirk
Completes Acquisition of Doublestar
July
23, 2007 - Vancouver,
British Columbia – Selkirk
Metals Corp. (“Selkirk”)
(TSX-V: SLK) is pleased to announce that its previously announced acquisition
of Doublestar Resources Ltd. (“Doublestar”)
(TSX-V: DSR) has now closed. The acquisition was completed by way of a plan of
arrangement pursuant to the Business
Corporations Act (British
Columbia) and resulted in the exchange of one-half of
one common share of Selkirk (the “Selkirk
Shares”) for each one Class “A” share of
Doublestar (the “Transaction”).
All shareholders who hold less than 20 Doublestar shares will be paid out in
cash.
Doublestar shareholder
approval of the Transaction was obtained at the annual and special meeting of
Doublestar shareholders held on July 12, 2007. Court approval of the
Transaction was obtained by orders of the Supreme Court of British Columbia
dated July 18 and 19, 2007.
As part of the
Transaction Selkirk issued 17,765,418 Selkirk Shares, 75,000 replacement stock
options and 955,555 replacement share purchase warrants to acquire all the
shares, options and warrants of Doublestar. With the completion of the
Transaction there are now 64,545,195 issued and outstanding Selkirk Shares.
Prior to the Transaction
Doublestar and Selkirk were partners in the Ruddock Creek zinc-lead project, being
the most important mineral asset of each company. With the completion of the
Transaction Selkirk now holds 100% of the Rudduck Creek zinc-lead project.
Combining the interests
of both companies, through this Transaction, is expected to facilitate the
raising of capital required to advance the Ruddock Creek Project and other
projects. The combined company will also afford Selkirk shareholders the
opportunity to participate in an entity that realizes synergies and economies
of scale by combining the administrative functions and assets of Selkirk and
Doublestar.
For further details
regarding the Transaction please refer to the Information Circular dated June
12, 2007, available on the Doublestar SEDAR profile at www.sedar.com.
On Behalf of the Board
of Directors of
Selkirk Metals Corp.:
(signed) “Gordon Keevil”
Gordon Keevil,
President
|
|
|
|
For
further information on Selkirk Metals Corp. please visit its website at www.selkirkmetals.com.
This
release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in this
release, other than statements of historical facts, that address future
production, reserve potential, exploration and development activities and
events or developments that management of Selkirk and Doublestar expects, are
forward‑looking statements. Although management believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance, and
actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices,
exploration and development successes, continued availability of capital and
financing, and general economic, market or business conditions. Please
see the public filings of both Selkirk and Doublestar at www.sedar.com for
further information.