Raimount completes spin out of its wholly-owned subsidiary Mount Rainey Silver Inc.
CALGARY, May 14, 2012, 2012 (Menafn - Canada NewsWire via COMTEX) --Raimount Energy Inc. ("Raimount" or the "Corporation"), TSXV: RMT is pleased to announce that its previously announced arrangement agreement (the "Arrangement") with its wholly-owned subsidiary Mount Rainey Silver Inc. ("Mount Rainey") has been approved by the shareholders of the Corporation and that the Corporation has been granted a final order of the Court of Queen's Bench of Alberta dated May 2, 2012. Accordingly, Articles of Arrangement effecting the Arrangement were filed on May 14, 2012 for the Arrangement. Pursuant to the Arrangement, Raimount's shareholders of record as of May 14, 2012, shall receive one Mount Rainey share for each Raimount share held. The Corporation anticipates that the distribution of the Mount Rainey shares under the Arrangement will be effected on or before May 18, 2012.
Statements with respect to the timing for distribution of the Mount Rainey shares pursuant to the Arrangement in this news release constitute forward-looking statements. These statements relate to future events. The timing is based on the advice received by the Corporation by its transfer agent to effect the distribution. All statements other than statements of historical fact are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Raimount believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. The forward-looking statements contained in this news release represent Raimount's expectations as of the date hereof, and are subject to change after such date. Raimount disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: Raimount Energy Inc.
Raimount Energy Inc. Gregory A. Vavra, President 403-265-6292 ext. 1
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