From: Biniam Haile \(SWE\) (eritrea.lave@comhem.se)
Date: Tue Aug 25 2009 - 05:55:58 EDT
AUG 20, 2009 - 19:00 ET
Canadian Gold Hunter and Sanu Resources Business Combination Completed
Gold Hunter Eritrea Project
http://www.canadiangoldhunter.com/s/Eritrea.asp
Sanu Resources
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2009) - Canadian
Gold Hunter Corp. (TSX:CGH) ("Canadian Gold Hunter") and Sanu Resources
Ltd. (TSX VENTURE:SNU) ("Sanu") are pleased to report that the
previously announced business combination between the two companies has
closed.
Sanu shareholders approved the business combination at a special meeting
held on August 17, 2009, and the transaction has received all the
requisite regulatory and court approvals. Sanu is now a wholly-owned
subsidiary of Canadian Gold Hunter. Sanu's common shares are expected to
be delisted from the TSX Venture Exchange shortly hereafter.
Pursuant to the Arrangement Agreement, Canadian Gold Hunter acquired all
of the issued and outstanding shares of Sanu on the basis of 0.5725
shares of Canadian Gold Hunter for each one Sanu share (the "Exchange
Ratio"). All outstanding Sanu options and warrants have been exchanged
for replacement options and replacement warrants of Canadian Gold Hunter
based on the Exchange Ratio.
Dr. Wojtek Wodzicki, President and CEO of Canadian Gold Hunter,
commented, "This transaction represents a pooling of the expertise of
two well-regarded exploration companies and its resulting globally
diversified portfolio provides a platform for entry into all major
regions. The combined entity will move forward as a more powerful and
relevant company with a significantly enhanced profile in the market
place. We are excited about the opportunities ahead of us and look
forward to much success and growth in the years to come."
In connection with the business combination, Dundee Securities
Corporation provided financial advice and a fairness opinion to the
special committee of the Board of Directors of Sanu.
Canadian Gold Hunter is also pleased to announce the appointment of Mr.
Michael Winn to the Company's Board of Directors.
Mr. Winn served as a director of Sanu from March 2004, until the closing
of the Company's business combination with Sanu on August 20, 2009. Mr.
Winn is currently President of Terrasearch Inc., a consulting company
that provides investment analysis and financial services to companies
operating in the oil & gas mining, and energy sectors. Prior to forming
his company in 1997, Mr. Winn spent four years as an analyst for a
Southern California based brokerage firm where he was responsible for
the evaluation of emerging oil and gas and mining companies. Mr. Winn
has worked in the oil and gas industry since 1983 and the mining
industry since 1992, and is also a director of several companies
operating in Canada, Latin America, Europe and Africa. Mr. Winn has
completed graduate course work in accounting and finance and received a
B.S. in geology from the University of Southern California.
Dr. Wodzicki commented, "We are very pleased to have Michael join
Canadian Gold Hunter's Board. He brings a wealth of financial and
industry expertise to the Board."
Brian Bayley, Richard Clark and Neil O'Brien have resigned from the
Board of Directors of Sanu to adjust for Sanu's Canadian Gold Hunter
subsidiary status.
About Canadian Gold Hunter
Canadian Gold Hunter Corp. is an international, multi-commodity
exploration company with a large portfolio of gold/copper projects in
Canada, Mexico and several countries in South America and Africa.
Projects range from grass-roots to advanced resource-definition stage.
ON BEHALF OF THE BOARD
Wojtek Wodzicki, President and CEO
Forward-Looking Statements
This news release contains certain forward-looking statements relating
to Canadian Gold Hunter and Sanu that includes risks and uncertainties.
All statements, other than statements of historical fact, are
forward-looking statements. When used in this news release, the words
"anticipate", "will", "believe", "estimate", "expect", "target", "plan",
"may" and similar expressions, identify forward-looking statements with
respect to events that "may" or "will" occur. Forward-looking statements
are necessarily based upon a number of assumptions and current
expectations that, while considered reasonable by Canadian Gold Hunter
and Sanu as at the date on which they were made, are inherently subject
to significant uncertainties and risks. Many factors, both known and
unknown, could cause the actual results, performance or achievements to
differ materially from those expressed or implied by such
forward-looking statements. Assumptions upon which such forward-looking
statements are based include that the transaction will be completed,
that all required third party regulatory, governmental and shareholder
approvals for the transaction will be obtained and all other conditions
to completion of the transaction will be satisfied or waived. Many of
these assumptions are based on factors and events that are not within
the control of Canadian Gold Hunter or Sanu and there is no assurance
they will prove to be correct. Although Canadian Gold Hunter and Sanu
have attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Canadian Gold Hunter and Sanu
undertake no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change except
as required by applicable securities laws. The reader is cautioned not
to place undue reliance on forward-looking statements. Other risks are
set forth in the annual information form of Canadian Gold Hunter.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Gold Hunter Corp.
Sophia Shane
Corporate Development
(604) 689-7842
www.canadiangoldhunter.com
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