TORONTO, Dec. 30, 2013 /CNW/ – AMERICAN RESOURCE CORPORATION LIMITED
(the “Company”) today announced that Canadian Express International
Limited (the “Purchaser”) intends to use the compulsory acquisition
provisions under Bermuda corporate law to acquire all of the 913,884
issued and outstanding Class A Non-voting shares (the “Shares”) of the
Company that it does not already own for cash consideration of
US$0.6134 per Share (the “Price”), or an aggregate payment of
US$560,576.45. The Price represents the book value of the Shares as at
September 30, 2013. The Purchaser’s view is that the book value of the
Shares approximates the fair market value of the Shares. The Purchaser
currently owns 87,439,616 Shares and 16,500 voting shares of the
Company, representing approximately 99% of Shares and 100% of the
voting shares. Following the acquisition, the Purchaser will own 100%
of the Shares and the voting shares.

The Company’s sole investment is a 9.6% interest in the outstanding
common shares of Imagine Group Holdings Ltd. (“Imagine”), a globally
diversified, specialty insurance holding company incorporated in
Bermuda whose business was the provision of reinsurance and insurance
products and advisory services tailored to the needs of its clients’
business and risk management strategies. In December of 2008 Imagine
ceased underwriting new insurance and reinsurance business and is in
the process of conducting a run off of all remaining insurance and
reinsurance liabilities.

The Shares are not traded on a stock exchange anywhere in the world. By
exercising its right of compulsory acquisition, the Purchaser is
providing an attractive liquidity event and an opportunity for
shareholders to realize cash proceeds and certainty of value for their
entire investment.

The Purchaser expects to mail a notice of compulsory acquisition to all
holders of Shares shortly. The Purchaser further intends to cause the
Company to cease to be a reporting issuer under applicable securities
laws as soon as possible. The purpose of the acquisition is to enable
the Purchaser to acquire all of the issued and outstanding Shares.

SOURCE American Resource Corporation Limited