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Adanac Molybdenum implements plan of arrangement and emerges from creditor protection

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Adanac Molybdenum

On February 28, 2011, Adanac Molybdenum Corporation (TSX:AUA) announced that it had successfully implemented its plan of compromise and arrangement and had emerged from creditor protection under the Companies' Creditors Arrangement Act ("CCAA"). Adanac emerges from creditor protection with limited current liabilities, no legacy liabilities, and with cash for reasonable working capital purposes. On implementation of the plan, Adanac's outstanding common shares were consolidated on a 150 to 1 basis, with 24,698,688 post-consolidation common shares issued to creditors. Following its emergence, Adanac will have 25,462,544 issued and outstanding common shares. Adanac's common shares are listed on the Toronto Stock Exchange ("TSX") and are expected to start trading on a consolidated basis on March 3, 2011. In connection with the plan, Adanac has received conditional approval to list its common shares on the TSX Venture Exchange ("TSXV"). Adanac expects to satisfy the listing conditions and have its common shares listed on the TSXV in the near future. The transition from trading on the TSX to the TSXV will be coordinated so that there is no gap in trading. There are no issued or outstanding options or warrants.Adanac was advised in its plan of arrangement and emergence from CCAA protection by Fasken Martineau with a team that included Chuck Higgins and Nancy Eastman in Toronto and Kibben Jackson and Vicki Tickle in Vancouver.


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