New Island Resources Inc. Advises Shareholders Who Have Tendered to Anaconda Mining Inc. Take-Over Bid to Immediately Withdraw T
12 8월 2010 - 2:15AM
Marketwired
The Board of Directors (the "Board") of New Island Resources Inc.
("New Island") (TSX VENTURE: NIS) confirms that it continues to
pursue the proposed Plan of Arrangement with Mountain Lake
Resources Inc. ("Mountain Lake") (TSX VENTURE: MOA) as the best
option for shareholders of New Island. Today, Mountain Lake has
reported very significant results from initial metallurgical work
on mineralized core samples from its Leprechaun Lake, NL gold
deposit. Based on these results, shares of Mountain Lake have
traded as high as $0.84 per share.
New Island has a definitive agreement with Mountain Lake for a
Plan of Arrangement whereby shares of New Island will be exchanged
for shares of Mountain Lake at a ratio of 4.25 New Island shares
for 1 share of Mountain Lake. The Plan of Arrangement is subject to
shareholder approval by the shareholders of New Island prior to
September 30, 2010. The transaction must be approved by at least
66.66% of the shareholders of New Island voting at the meeting.
Anaconda Mining Inc. ("Anaconda") (TSX: ANX) reported yesterday
that pursuant to its take-over bid for all of the shares of New
Island, Anaconda had received tenders of 17,935,274 New Island
Shares representing approximately 35.7% of the issued and
outstanding shares of New Island. Anaconda has notified New Island
that it will not be exercising its votes in favour of the Plan of
Arrangement with Mountain Lake.
New Island's preliminary assessment is that based on today's
intra-day high, the implied value of New Island shares under the
proposed Plan of Arrangement with Mountain Lake is $0.20 per share.
This is a significantly higher implied value than that under the
terms of the Anaconda Take-over bid for New Island shares, which
New Island has estimated to be approximately $0.13 based on recent
trading of Anaconda shares.
Shareholders who have tendered their New Island shares pursuant
to the take-over bid by Anaconda may be able to withdraw their
previously tendered shares pursuant to the rights of withdrawal
under the Anaconda Take-over bid. New Island recommends that all
shareholders who may have tendered their shares to contact their
broker or investment advisor immediately prior to the expiry of
such withdrawal rights.
New Island CEO Harold Wareham stated: "The results reported by
Mountain Lake today confirm the wisdom of the Board of New Island
in pursuing a business combination with Mountain Lake. The combined
gold properties of New Island and Mountain Lake represent an
opportunity for considerable growth and increases in shareholder
value."
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
New Island Resources (TSXV:NIS)
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New Island Resources (TSXV:NIS)
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