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METALL AMENDS OFFER TO MINNOVA MINORITY

 TORONTO, March 22 /PRNewswire/ -- Metall Mining Corporation ("MMC") announced today that it has amended its proposal to acquire all of the shares of Minnova Inc. ("Minnova") that it does not currently own.
 Under the new proposal, each Minnova common share can be exchanged for one MMC common share, $4.00 cash and one-half of a warrant to purchase an MMC common share. Each whole warrant would entitle the holder to purchase one MMC common share at any time during the five year period following its issue for an exercise price of $14.00. MMC will also offer Minnova common shareholders the alternative of receiving 1.43 MMC common shares for each Minnova common share. The transaction is proposed to be completed pursuant to an amalgamation of Minnova and a subsidiary of MMC. As previously announced by Minnova, a special independent committee of its board has been formed to consider the transaction. Minnova has announced its intention to put the matter before the shareholders of Minnova at the annual and special general meeting of shareholders currently scheduled for May 3, 1993.
 Dr. Klaus Zeitler, president and chief executive officer of MMC, said "The revised proposal represents a significant premium over MMC's estimate of Minnova's net asset value. MMC has improved its proposal having regard to the reaction to its original proposal from the investment community, including significant minority common shareholders of Minnova. MMC believes that this premium to net asset value is justified based upon the unique synergies that the combined companies would realize, including coordination of their mine development programs and savings to be realized in unified operations of one public company."
 -0- 3/22/93
 /CONTACT: H. Douglas Scharf, vice-president, finance and chief financial officer, of Metall Mining Corporation, 416-361-6400/


CO: Metall Mining Corporation, Minnova Inc. ST: Ontario IN: MNG SU: TNM

LD -- NY102 -- 8442 03/22/93 20:00 EST
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Publication:PR Newswire
Date:Mar 22, 1993
Words:312
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