Vancouver, November 17, 2015 - First Point Minerals Corp.
(FPX-TSX) ('First Point' or the 'Company') is pleased to announce that its shareholders have approved the Company's previously announced binding agreement with affiliated companies of Cliffs Natural Resources Inc.
(NYSE: CLF) ('Cliffs') to purchase Cliffs' 60% ownership of the Decar nickel project 'Decar' or the 'Project'), located in central British Columbia (the 'Transaction'). Completion of the purchase will re-establish First Point as the 100% owner of Decar, securing for its shareholders all of the benefits of further advancement of the Project and continued exposure to the Project's exploration upside.
Shareholder Approval of Purchase Transaction:
At a Special Meeting of First Point's shareholders held on November 16, 2015, the Company's shareholders voted overwhelmingly in support of the resolution approving the Transaction. In accordance with the provision of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, an aggregate of 19,428,468 shares owned by shareholders having an interest in the Transaction were precluded from voting, leaving a balance of 86,380,871 shares eligible to vote at the meeting. An aggregate of 26,156,128 eligible shares were voted, of which 26,146,128 were voted in favour of the resolution approving the Transaction, being 99.96% of the total number of eligible shares voted.
Full details of the Transaction and certain other matters are set out in the management information circular dated October 9, 2015 (the 'Information Circular'). A copy of the Information Circular and other meeting materials, including a summary of the voting results, can be found on the SEDAR website at www.sedar.com.
First Point anticipates that the Transaction will close on or about November 18, 2015.
About First Point
First Point Minerals Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at www.firstpointminerals.com or contact Jim Gilbert, President and CEO, at (604) 681-8600.
On behalf of First Point Minerals Corp.
'Jim Gilbert'
Jim Gilbert, President and CEO
Suite 200 -- 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600 Fax: 604.681.8799
e-mail: [email protected]
Forward-Looking Statements
Certain of the statements made and information contained herein is considered 'forward-looking information' within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Neither the Toronto Stock Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.