American Creek Resources Announces Amendment to Plan of Arrangement with Cunningham Mining

Rhea-AI Summary

American Creek Resources (TSXV: AMK) (OTCQB: ACKRF) has announced an amendment to its arrangement agreement with Cunningham Mining. The key changes include extending the Outside Date from December 30, 2024, to January 31, 2025, and removing the termination payment obligation previously required if American Creek accepted a superior proposal. The original arrangement agreement, dated September 5, 2024, involves Cunningham Mining acquiring all issued and outstanding common shares of American Creek through a statutory plan of arrangement under British Columbia law.

Positive

• Removal of termination payment obligation provides more flexibility for superior proposals
• Extension of completion deadline allows more time to finalize the arrangement

Negative

• Delay in completing the originally planned acquisition timeline
• Extended period of uncertainty for shareholders

Cardston, Alberta--(Newsfile Corp. - December 31, 2024) - American Creek Resources Ltd. (TSXV: AMK) (OTCQB: ACKRF) (the "Company" or "American Creek") announces that it has entered into an amendment agreement (the "Amendment Agreement") with Cunningham Mining Ltd. (the "Purchaser") to amend the previously announced arrangement agreement between the Purchaser and the Company dated September 5, 2024 (the "Arrangement Agreement") pursuant to which, among other things, the Purchaser will acquire all of the issued and outstanding common shares of American Creek by way of a statutory plan of arrangement (the "Arrangement") under Division 5 of Part 9 of the Business Corporations Act (British Columbia).

Under the Amendment Agreement, the Outside Date (as defined in the Arrangement Agreement) has been extended from December 30, 2024 to January 31, 2025. In addition, the parties have agreed to remove the termination payment obligation previously required in the event the Company accepted a superior proposal. A copy of the Amendment Agreement will be available on the Company's profile on SEDAR+ at www.sedarplus.ca.

For further information on the Arrangement, please see the Company's news releases dated September 6, 2024, October 2, 2024, October 31, 2024 and December 2, 2024, which are available on American Creek's profile on SEDAR+ at www.sedarplus.ca.

About American Creek and the Treaty Creek Project

American Creek is a proud partner in the Treaty Creek Project, a joint venture with Tudor Gold Corp. located in BC's prolific "Golden Triangle".

American Creek holds a fully carried 20% interest in the Treaty Creek Project until a production notice is given, meaning that no exploration or development costs are incurred by American Creek until such time as a production notice has been issued. American Creek shareholders have a unique opportunity to avoid the dilutive effects of exploration while maintaining their full 20% exposure to one of the world's most exciting mega deposits.

The Company also holds the Austruck-Bonanza gold property located near Kamloops, BC.

ON BEHALF OF AMERICAN CREEK RESOURCES LTD.

"Darren Blaney"
Darren Blaney, President & CEO

For further information please contact Kelvin Burton at:

Phone: (403) 752-4040 or Email: info@americancreek.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect American Creek's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. The forward-looking statements in this news release are based on a number of key expectations and assumptions made by American Creek as of the date hereof. Although the forward-looking statements contained in this news release are based on what American Creek's management believes to be reasonable assumptions, American Creek cannot assure investors that actual results will be consistent with such statements.

The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Several factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including those identified in American Creek's most recent Management's Discussion and Analysis, which is available on SEDAR+ at www.sedarplus.ca. Readers, therefore, should not place undue reliance on any such forward-looking statements. These forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, American Creek assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235631

FAQ

What are the key changes in American Creek's (ACKRF) amended arrangement with Cunningham Mining?

The key changes include extending the Outside Date to January 31, 2025, and removing the termination payment obligation for superior proposals.

When is the new deadline for American Creek's (ACKRF) arrangement with Cunningham Mining?

The new deadline (Outside Date) has been extended to January 31, 2025, from the previous date of December 30, 2024.

What happens if American Creek (ACKRF) receives a superior proposal under the amended agreement?

Under the amended agreement, American Creek is no longer required to pay a termination fee if it accepts a superior proposal.

What is the scope of Cunningham Mining's acquisition of American Creek (ACKRF)?

Cunningham Mining will acquire all of the issued and outstanding common shares of American Creek through a statutory plan of arrangement.