Cerro Resources NL: Cerro Securityholders Approve Transaction With Primero

LONGUEUIL, QUEBEC -- (Marketwired) -- 04/30/13 -- Cerro Resources NL (ASX: CJO)(TSX VENTURE: CJO) is pleased to announce that at Meetings held today in Australia, eligible Shareholders and optionholders (Securityholders) voted to approve the resolutions put at those Meetings to the proposed transaction (Transaction) with Primero Mining Corp (Primero) to effect:


--  the spinout of Cerro's non-Cerro del Gallo assets (Spinout) to Cerro's
    currently wholly owned subsidiary Santana Minerals Limited (Santana);
--  an in-specie distribution to Cerro's Shareholders in relation to that
    spinout (Distribution);
--  an acquisition by Primero of all the shares Cerro has on issue in
    exchange for shares in Primero (Acquisition) on the basis of 0.023 of a
    Primero share for each 1 Cerro share; and
--  the variation of the terms and conditions of the Options Cerro has on
    issue (Variation).

The Company is pleased to confirm that resolutions put to the Securityholders to approve the Transaction were passed by the requisite majorities, specifically:

The resolution at the General Meeting was passed by the requisite majorities of Shareholders, with:


--  99.75% of votes cast in favour of the Capital Reduction Resolution.

The resolution at the Share Scheme Meeting was passed by the requisite majorities of Shareholders, with:


--  99.78% of votes cast in favour of the Share Scheme Resolution; and
--  95.49% of Shareholders present and voting (either in person or by proxy)
    in favour of the Share Scheme Resolution.

The resolution at the Option Scheme Meeting was passed by the requisite majorities of Optionholders, with:


--  100% of votes cast in favour of the Option Scheme Resolution; and
--  100% of Optionholders present and voting (either in person or by proxy)
    in favour of the Option Scheme Resolution.

Poll Results for the General Meeting, Share Scheme Meeting and Option Scheme Meeting follow:

General Meeting


                                                       Votes               %
For                                              399,901,474           99.75
Against                                            1,009,562            0.25
                                            --------------------------------
Total                                            400,911,036          100.00
                                            --------------------------------
                                            --------------------------------
Abstain                                              831,607

Share Scheme Meeting


                                   Votes           %     Holders           %
For                          386,397,848       99.78         402       95.49
Against                          862,554        0.22          19        4.51
                            ------------------------------------------------
Total                        387,260,402      100.00         421      100.00
                            ------------------------------------------------
                            ------------------------------------------------
Abstain                          394,035                       5

Option Scheme Meeting


                                   Votes           %     Holders           %
For                           40,150,000      100.00          20      100.00
Against                                -           -           -           -
                            ------------------------------------------------
Total                         40,150,000      100.00          20      100.00
                            ------------------------------------------------
                            ------------------------------------------------
Abstain                                -                       -

The Second Court Hearing to approve the Transaction is scheduled for 8 May 2013 at the Federal Court of Australia in Brisbane (Court). If the Court approves the Transaction, Cerro anticipates the following dates for closing of the Transaction:


----------------------------------------------------------------------------
EVENT                                                                   DATE
----------------------------------------------------------------------------
Second Court Hearing for approval of the Schemes    10.15am Wednesday, 8 May
                                                                        2013
----------------------------------------------------------------------------
Effective Date: Schemes take effect                    Wednesday, 8 May 2013
----------------------------------------------------------------------------
Last date Cerro Shares trade on ASX with an            Wednesday, 8 May 2013
entitlement to participate in the Share Scheme
----------------------------------------------------------------------------
Last date Cerro Shares trade on TSXV with an           Wednesday, 8 May 2013
entitlement to participate in the Share Scheme
----------------------------------------------------------------------------
Record Date: Time and date for determining            5pm (Brisbane time) on
entitlements under the Transaction                    Wednesday, 15 May 2013
----------------------------------------------------------------------------
In-specie distribution of Santana Shares to Scheme      Tuesday, 21 May 2013
Shareholders
----------------------------------------------------------------------------
Transfer of Spinout Assets to Santana                 Wednesday, 22 May 2013
----------------------------------------------------------------------------
Transfer of Scheme Shares to Primero and issue of      Thursday, 23 May 2013
New Primero Shares to Scheme Shareholders
----------------------------------------------------------------------------
Variation of Scheme Options                            Thursday, 23 May 2013
----------------------------------------------------------------------------
Despatch of entitlement certificates                   Thursday, 23 May 2013
----------------------------------------------------------------------------
Issue of Subscription Shares to Primero                  Friday, 24 May 2013
----------------------------------------------------------------------------
Admission of Santana Shares to official list of          Friday, 24 May 2013
the ASX
----------------------------------------------------------------------------

Please note, this timetable and the dates noted are indicative only, are subject to change and among other things, are subject to all necessary approvals being obtained. Cerro may vary any of these times and dates without directly notifying Cerro Shareholders and Cerro Optionholders. Any further changes to the timetable will, however, be announced through the ASX, TSXV and notified on Cerro's website at www.cerroresources.com.

All times and dates referred to are times and dates in Brisbane, Australia, unless otherwise indicated.

ABN: 72 006 381 684

Contacts:
Cerro Resources NL
Tony McDonald
Managing Director & CEO
+61 7 3221 7501
admin@cerroresources.com

Cerro Resources NL
Craig McPherson
CFO & Company Secretary
+61 7 3221 7501
admin@cerroresources.com
www.cerroresources.com

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here