CONTINENTAL LISTS PREFERRED SHARES ON THE TSX VENTURE EXCHANGE
13 10월 2010 - 8:00AM
PR Newswire (Canada)
VANCOUVER, Oct. 12 /CNW/ -- VANCOUVER, Oct. 12 /CNW/ - Continental
Minerals Corporation (TSX-V:KMK; OTC BB KMKCF) announces that its
application to list its outstanding class of non-voting redeemable
preferred shares (the "Preferred Shares") on the TSX Venture
Exchange has been accepted by the Exchange. There are 12,483,916
Preferred Shares, which were authorized and issued pursuant to a
2001 BC Supreme Court order made in connection with reorganization.
That reorganization saw Continental's Harmony Gold Project
transferred to a subsidiary of Taseko Mines Limited (TSX:TKO), for
securities that are redeemable for Taseko common shares which will
be used to redeem the Preferred Shares. The redemption timing and
exchange ratio terms of the Preferred Shares for Taseko shares were
pursuant to the 2001 arrangement, made dependent on the occurrence
of certain possible value-realization events related to the Harmony
Project but the terms provided that the Preferred Shares must be
redeemed for Taseko shares in any event by October 16, 2011. The
number of Taseko shares potentially issuable to redeem the
Preferred Shares is based on a formula, but as long as Taseko
shares trade below C$10.00 the number is fixed at 6,277,000 Taseko
shares, meaning that each Preferred Share will be entitled to
receive by no later than October 16, 2011, 0.503 Taseko common
shares. However, if Taseko shares trade higher than C$10.00, then
the number of Taseko shares receivable by the Preferred Shares as a
class is determined by dividing $62.77 million by the higher Taseko
share price. The Preferred Shares are not redeemable before October
16, 2011 nor can they be retracted by the holders before then. If
the Arrangement with Jinchuan Group (the "Jinchuan Arrangement")
announced September 17, 2010 proceeds, it is planned, subject to
ongoing negotiations with Taseko, to propose to holders of the
Preferred Shares as a class that redemption of the Preferred Shares
for Taseko shares be accelerated to occur just before closing of
the Arrangement, which is targeted for late 2010. The Taseko shares
will be subject to certain contractual hold period restrictions,
which will be described in the information circular which will be
required for the proposed Jinchuan Arrangement. Unless and until
the proposed Jinchuan Arrangement completes, all of the Preferred
Shares are will be freely tradable in Canada through the facilities
of the TSX Venture Exchange. The Preferred Shares will not be
listed on any other exchange. Further details about the Preferred
Shares can be downloaded from the www.SEDAR.com filing on February
26, 2001 of the information circular used in connection with the
reorganization as well as from a SEDAR filing as of today's date
which includes both the Continental corporate articles and the
Taseko subsidiary articles relating to the Preferred Shares and the
Taseko shares issuable on their redemption. These two documents
detail the terms of the redemption and other matters related to the
Preferred Shares. Continental's Chairman Ronald Thiessen commented,
"This supplemental listing will give the Preferred Shareholders a
market in order to enhance the liquidity of these shares over what
could be up to a final year of their term before they are redeemed.
Establishing a listing will also help with increasing the general
awareness of the underlying value of these shares. Further
information about the proposed treatment of these Preferred Shares
in the planned Arrangement will be included in the Shareholders
circular expected to be sent to shareholders in November." THE TSX
VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM
IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-Looking Statements This press
release contains "forward-looking statements" within the meaning of
applicable Canadian securities laws concerning the likelihood of
the Jinchuan Arrangement completing. Although Continental has
attempted in its previous filings and disclosures to identify
important factors and conditions that could prevent the Jinchuan
Arrangement from completing there may be other conditions or
factors that are yet to be determined based in part on the present
need to negotiate definitive agreements both with Jinchuan, but as
well with Taseko and others, obtain regulatory and Court approvals
and prepare the related documents. There can be no assurance
that Continental's identification of conditions and completion
factors will prove to be complete or accurate, as future events
could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue
reliance on forward-looking statements and understand that there
are risks in connection with completion of the Arrangement which
are beyond the control of Continental. To view this news release in
HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/October2010/12/c9991.html
pSusie Bell, Investor Relationsbr/ Toll Free: 1-800-667-2114br/ Ph:
(604) 684-6365br/ Fax: (604) 684-8092br/ Email: a
href="mailto:info@hdgold.com"info@hdgold.com/a/p
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