Kinbauri Shareholders are Advised to Take no Action at this Time Regarding Orvana's Unsolicited Bid
26 Maggio 2009 - 3:44PM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX-V: KNB)(FRANKFURT: 3KG.DE)
has been advised that Orvana Minerals Corp. ("Orvana") has filed
documents with Canadian securities regulatory authorities regarding
an unsolicited offer to acquire all of the outstanding shares of
Kinbauri.
The Independent Committee appointed by the Company's Board of
Directors is in the process of engaging a financial advisor to
provide independent financial advice regarding the Orvana bid and
the Company's strategic alternatives. Legal counsel for the
Independent Committee is Wildeboer Dellelce LLP and Groia and
Company.
The Orvana offer states that it is open for full acceptance
until June 30th, 2009. The Board of Directors recommends that
shareholders do not take any action (including the tendering of
shares) with respect to Orvana's unsolicited offer, until the
Independent Committee has completed its review and the Board of
Directors has had an opportunity to fully evaluate the offer and
communicate its views to shareholders. The Board will file and mail
a Directors' Circular with its recommendations to shareholders in
due course.
As previously disclosed, Jaguar Financial Corporation ("Jaguar")
has brought an action against Kinbauri and other parties, among
other things, seeking an order restraining or setting aside
Kinbauri's transaction with Glen Eagle Resources Inc. (the "Glen
Eagle Transaction"). Kinbauri is vigorously opposing such
application. In order for the application to be dealt with in an
orderly manner, each of Kinbauri and Glen Eagle has agreed not to
complete the Glen Eagle Transaction until the Court has heard and
ruled on the application. Oral arguments in respect of the
applications are anticipated to be heard in the middle of June,
2009.
Further to the Company's press release on May 14, 2009, the
Company has now received conditional approval from the TSX Venture
Exchange for its private placement of up to 6,000,000 units at a
price of $0.50 per unit. Each unit consists of one common share of
the Company and one-half of a share purchase warrant exercisable
for a period of one year at an exercise price of $0.70 per share.
The private placement is expected to close today.
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX
VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
This press release contains certain forward-looking statements,
which are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected. Kinbauri
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
VISIT:
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where
investors can post questions and receive answers or review
questions and answers already posted by other investors. Kinbauri
Web-Site: www.kinbauri-gold.com.
Contacts: Kinbauri Gold Corp. Dr. Vern Rampton, P. Eng.,
President 613-836 2594 613-831 2730 (FAX)
vrampton@kinbauri-gold.com kinbauri@kinbauri-gold.com
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