Caledonian Pacific Notice of Proposed Takeover By Coronation International Mining Corporation.VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 9, 1999-- Caledonian Pacific(CDNX CDNX See Canadian Venture Exchange (CDNX). :CDM 1. CDM - Content Data Model 2. CDM - Code Division Multiplexing ) The Board of Caledonian Pacific Minerals NL ('Caledonian') advises that it has received a notice of a proposed proportional takeover for 60% of the issued ordinary shares of Caledonian. A copy of Coronation International Mining Corporation's announcement is attached. The Directors will consider the offer and advise shareholders in due course. On behalf of Caledonian Pacific Minerals N.L. Sarah J L Morris, Company Secretary 9th December 1999 CORONATION INTERNATIONAL MINING CORPORATION TARGETS CALEDONIAN IN 52 MILLION TAKEOVER Coronation International Mining Corporation (CIMC CIMC Certified Investment Management Consultant (Institute for Investment Management Consultants) CIMC California Indian Manpower Consortium CIMC Club Internaute Montreal Cafe (Montreal, Quebec, Canada) ), traded on the Ofex facility in London, plans a A$5.3 million (2.1 million pounds sterling) proportional takeover for 60% of the issued ordinary shares in Caledonian Pacific Minerals NL, on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis, at an offer price of A$0.19 per share. The bid will be subject to minimum acceptances with respect to 51% of the issued share capital in Caledonian. Caledonian Pacific Minerals ("Caledonian") is an Australian based gold, base metal and diamond exploration company. It is quoted on the Australian and Canadian Venture Stock Exchanges and is considering listing on the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC market. Caledonian has substantial exploration interests in Australia and New Caledonia, a shareholder base of over 1000 as well as a cash balance of approximately A$9.8 million with ongoing existing contracts. Caledonian recently announced a plan to commence a major exploration program a Dundurrabin in Northern New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. , where a wide variety of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. are already mined. CIMC's activities are focused on the exploration and development of concessions in the Republic of Niger Noun 1. Republic of Niger - a landlocked republic in West Africa; gained independence from France in 1960; most of the country is dominated by the Sahara Desert Niger capital of Niger, Niamey - the capital and largest city of Niger , Benin, Zambia, Burkina Faso and Togo. The Group has been aggressive in its policy for acquisition of concessions in West Africa and has assembled the largest contiguous block in south west Burkina Faso, where it is actively exploring for gold. In the north east of Burkina Faso CIMC has been granted the Tambao manganese deposit with a proven reserve of 4.6 million tonnes at 56.8% manganese with a geological resource of 14 million tonnes at 51.5% manganese. A pre-feasibility study based on the production of high-grade ferromanganese fer·ro·man·ga·nese n. An alloy of iron and manganese used in the production of steel. on site is due to be completed within two months. In Togo, CIMC has been active in the exploration of the Pagala base metal concession, which covers approximately 700 sq. kms. CIMC is now seeking to acquire further highly prospective concessions in West Africa as well as reviewing projects with proven reserves. CIMC's managing director Suren Mirchandani said, "We believe the proposed takeover on offer to the shareholders of Caledonian will enhance shareholder value for both companies, and will also give the enlarged CIMC Group the financial muscle to enhance future development and make further acquisitions. It will allow the Group to stay in the forefront of an increasingly competitive business. The present industry climate is illustrated by recent mergers or takeovers, the latest ones being Anglo Gold's play for Acacia Resources and Guinness Peat's takeover offer for Otter Gold Mines." The CIMC bid is conditional on the approval of the Foreign Investment Review Board, upon there being no proscribed PROSCRIBED, civil law. Among the Romans, a man was said to be proscribed when a reward was offered for his head; but the term was more usually applied to those who were sentenced to some punishment which carried with it the consequences of civil death. Code, 9; 49. occurrences between the date of this announcement and throughout the offer period in accordance with Corporations Law and upon there being no material adverse change in the position of Caledonian, including a minimum cash balance of A$9.35 million in the bank account of Caledonian Pacific Minerals NL (net of liabilities) 7 days from the closing of the offer. CIMC anticipate that the formal offer will be made in early January 2000. Issued on behalf of Coronation International Mining Corporation, Crown House, 108 Aldersgate Street, London EC1A 4JQ by Fleet Financial Communications Ltd., 6 Middle Street, London EC1A 7PH.
Press Enquiries:
Suren Mirchandani; Jeremy Dowler (CIMC) Tel: 020 7490 4290
E-mail: info@c-i-m-c.com
Ian James/Hugo de Salis (FFCL) Tel: 020 7601 1066
The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion