Aberdeen International Inc. and Dacha Strategic Metals Inc. Terminate Business Combination Agreement
12 Ottobre 2012 - 11:01PM
Marketwired
Aberdeen International Inc. ("Aberdeen" or the "Company") (TSX:AAB)
announces that due to potential regulatory challenges set out
below, the parties have mutually agreed to terminate the previously
announced business combination agreement entered into between the
Company and Dacha Strategic Metals Inc. ("Dacha") (See Press
Release dated August 15, 2012). Dacha and Aberdeen were not able to
receive satisfactory assurances that the transaction in its
proposed form would result in an immediate TSX listing on closing,
as the pro-forma company would not meet the net income tests as
required by the TSX. This would put the shareholders of Aberdeen in
a disadvantaged position with respect to the combined company's
ongoing business activities.
David Stein, President and Chief Executive Officer of the
Company, noted that, "Aberdeen still believes the transaction in
principle holds significant merit, however, the transaction in its
current form will be very risky for all parties if the resulting
company is not able to list on the TSX. As a result, the respective
special committees and boards of both companies have decided not to
proceed with the transaction at this time. Aberdeen continues to be
committed to pursue both conventional and creative initiatives to
increase shareholder value and we are very grateful for the support
from shareholders we received over the past few months."
No break fees will be paid as result of the termination and each
party will pay its respective expenses incurred in connection to
the proposed business combination.
ABOUT ABERDEEN
Aberdeen is a publicly traded global investment and merchant
banking company focused on small cap companies in the resource
sector. Aberdeen will seek to acquire significant equity
participation in pre-initial public offering and/or early stage
public resource companies with undeveloped or undervalued
high-quality resources. Aberdeen will focus on companies that: (i)
are in need of managerial, technical and financial resources to
realize their full potential; (ii) are undervalued in foreign
capital markets; and/or (iii) operate in jurisdictions with
moderate local political risk. Aberdeen seeks to provide
value-added managerial and board advisory services to companies.
Aberdeen's intention is to optimize the return on its investment
over an 18 to 24 month investment time frame.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, past success as an
indicator of future success; net asset value of the Company; the
potential of investee companies and the appreciation of their share
price; the future intentions of the Company with regard to its
shareholdings; the Company's plan of business operations; and
anticipated returns. There can be no assurance that such statements
will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause
actual results to differ materially include, among others, metal
prices, competition, financing risks, acquisition risks, risks
inherent in the mining industry, and regulatory risks. Most of
these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Contacts: Aberdeen International Inc. Mike McAllister Manager,
Investor Relations +1 416-309-2134info@aberdeeninternational.ca
Aberdeen International Inc. David Stein Chief Executive Officer
(416) 861-5812dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
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