New Island Resources Inc. Updates on Status of Anaconda Mining Inc. Take-Over Bid
11 8월 2010 - 4:58AM
Marketwired
The Board of Directors (the "Board") of New Island Resources Inc.
("New Island") (TSX VENTURE: NIS) remains of the view that the
hostile take-over bid (the "Anaconda Offer") by Anaconda Mining
Inc. ("Anaconda") (TSX: ANX) is not in the best interests of New
Island or shareholders of New Island.
Anaconda reported earlier today that as of 5:00 p.m. (Toronto
time) on August 9, 2010, Anaconda had received tenders of
17,935,274 New Island Shares representing approximately 35.7% of
the issued and outstanding shares of New Island. A strong majority
of New Island shareholders did not tender their shares to the
Anaconda Offer.
The Anaconda Offer has been extended to 5:00 p.m. (Toronto time)
August 20, 2010. The Board of New Island continues to consider
strategies that have greater potential than the Anaconda Offer to
create value for New Island and its shareholders.
Included in the shares tendered to Anaconda were 6,205,000 New
Island shares owned or controlled by Navina Asset Management
("Navina") of Toronto, Ontario, which represent approximately
12.35% of the issued and outstanding shares of New Island. On June
18, 2010, Navina issued a public statement saying that it supported
the Anaconda Offer. On July 12, 2010 Navina objected to a proposed
private placement of New Island shares for the purpose of raising
needed capital, which objections included threats of legal action
and other action against New Island and its directors. Navina
offered to purchase 3,000,000 common shares of New Island for $0.10
per share on a private placement basis (the "Navina Placement"),
which was announced on July 19, 2010. On the morning of August 5,
2010 New Island issued a press release announcing the closing of
the Navina Placement, including a confirmation by Navina that it
had not tendered any New Island shares to the Anaconda Offer and
did not have any agreement with any concerned party with regarding
a disposition of its shares of New Island. On the afternoon of
August 5, 2010, Anaconda published a news release that Navina had
entered into an agreement with Anaconda to tender all of its New
Island shares to the Anaconda Offer.
For the reasons contained in Directors' Circular (the
"Directors' Circular") filed with Canadian securities regulators on
July 23, 2010 as updated by the Notice of Change to Directors'
Circular dated August 6, 2010, the Board continues to recommend
that shareholders of NIS not tender their New Island shares to the
Anaconda Offer.
The Board of New Island affirms its conclusion that the Anaconda
Offer does not provide shareholders of New Island with adequate
consideration for the underlying value of their shares in New
Island. Furthermore, the Board is concerned that the value of New
Island's claims against Anaconda for Anaconda's performance as
operator of New Island's Pine Cove, NL property have not been
adequately priced in to the Anaconda Offer, and New Island's
ability to recover on such claims will be lost in the event that
Anaconda acquires control of New Island. Based on Anaconda's record
of mismanagement as operator of the Pine Cove, NL gold project
since making a production decision in January 2004, and the fact
that the gold mine has still not entered into commercial
production, the interests of New Island shareholders will not be
served by having their stake in New Island's most significant asset
converted into Anaconda stock as provided under the terms of the
Anaconda Offer.
About New Island Resources Inc.
New Island is a diversified junior exploration company holding
gold and base metal properties in the Province of Newfoundland and
Labrador. Additional information concerning New Island may be
obtained on New Island's website at: www.newislandresources.com or
from the System for Electronic Document Analysis and Retrieval
(SEDAR) website at: www.sedar.com under New Island's profile.
ON BEHALF OF THE BOARD OF DIRECTORS
Harold Wareham, President and CEO
Statements contained in this release that are not historical
facts are forward-looking statements, which involve known and
unknown risks and uncertainties not under the company's control,
which may cause actual results, performance or achievements of the
company to be materially different from the results, performance or
expectations implied by these forward-looking statements.
Neither 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 release.
Contacts: New Island Resources Inc. Harold Wareham President
(709) 576-7711 info@newislandressources.com
www.newislandresources.com
New Island Resources (TSXV:NIS)
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New Island Resources (TSXV:NIS)
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