LionOre's Recommended Takeover Offer For MPI Mines Limited-Shareholder Approval For MPI Gold De-Merger.TORONTO & MELBOURNE, Australia -- LionOre Mining International Ltd. (TSX/ASX:LIM, LSE LSE - Language Sensitive Editor :LOR) ("LionOre") today announced that shareholder approval has been received in respect of one of the conditions of its takeover offer for Australian Stock Exchange-listed mining company MPI MPI - Message Passing Interface Mines Limited ("MPI") relating to the de-merger of MPI's gold assets. This condition is expected to be satisfied following the forthcoming distribution of shares in gold company Leviathan Resources to MPI shareholders. LionOre announced a takeover offer for MPI on October 18, 2004. LionOre's offer, made by its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. LionOre Australia Pty Ltd, is conditional upon, amongst other things, MPI shareholder approval of the de-merger of MPI's gold assets through a capital reduction and distribution of shares in Leviathan Resources to MPI shareholders. The de-merger of MPI's gold assets was approved by MPI shareholders at a meeting held in Melbourne, Australia today. The distribution of shares in Leviathan Resources is expected to be made on November 26, 2004 and, once completed, this will satisfy one of the conditions of LionOre's offer. LionOre's offer has been unanimously recommended by the Board of MPI in the absence of a superior offer emerging. Acceptances of LionOre's offer are being received and LionOre encourages all MPI shareholders to accept the offer now that the de-merger has been approved. LionOre congratulates MPI on the successful outcome of its meeting of shareholders. About LionOre: LionOre Mining International Ltd. is an international mining company with a strong record of growth through an integrated program of acquisitions, exploration success, and operational efficiency. The Company also owns the Activox(R) process, a proprietary technology for processing metal concentrates. LionOre's major mining assets include the Phoenix nickel mine in Botswana and the Emily Ann nickel, Maggie Hays nickel and Thunderbox gold mines in Australia. LionOre also has several highly prospective nickel exploration and development properties. LionOre trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. under the symbol "LIM" and on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. under the symbol "LOR". LionOre Mining International Ltd. (TSX:LIM) (LSE:LOR) (ASX ASX See: Australian Stock Exchange .:LIM) |
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