Acquisition of Pan African Mining Corp. by Asia Thai Mining Co., Ltd. Closed Today in Accordance With Plan of Arrangement
28 Giugno 2008 - 1:10AM
Marketwired
VANCOUVER, BC (PINKSHEETS: PAFRF) (FRANKFURT: P2A) (the
"Company") is pleased to announce the closing today of the Plan of
Arrangement and related transactions (the "Plan of Arrangement")
contemplated by the Arrangement Agreement dated May 9, 2008, as
amended June 17, 2008 (the "Amended Arrangement Agreement"), among
Asia Thai Mining Co., Ltd. ("ATM"), 0819615 B.C. Ltd. (the
"Purchaser"), the Company and African Queen Mines Ltd. ("African
Queen"), a newly formed subsidiary of the Company. A Final Order
approving the Plan of Arrangement was obtained from the Supreme
Court of British Columbia on June 26, 2008, following approval at a
Special Meeting of Securityholders of the Company on June 25,
2008.
Accordingly, the Company has now been acquired by the Purchaser
and the Depositary, Equity Transfer & Trust Company, has been
instructed to commence distribution of cash proceeds and spin-out
shares of African Queen upon presentation and surrender of shares
of common stock, warrants and options of the Company as
contemplated by the Plan of Arrangement and related documents
including the Depositary Agreement dated May 30, 2008, as amended
June 23, 2008. Distribution of cash proceeds and spin-out shares of
African Queen is anticipated to commence next week. The Company
will be applying for delisting of its common shares from the TSX
Venture Exchange and the Frankfurt Stock Exchange shortly.
About Pan African
The Company is an exploratory resource company with
approximately 7,500 sq. km. of diversified mineral properties and
5,000 sq. km. of uranium properties in Madagascar. The Company is
exploring these properties for uranium, gold, coal, precious
stones, base metals and industrial commodities. In addition, the
Company is exploring two large regions for gold and metals in
Mozambique under agreements with other companies. It also has
approximately 5500 sq. km. of diamond licenses in Botswana which it
is presently exploring. Its operations in Madagascar are carried
out through its operating subsidiary, PAM Madagascar Sarl, and its
uranium activities are carried out through its 80% owned subsidiary
PAM Atomique Sarl. The Company has offices in Vancouver, Canada and
Antananarivo, Madagascar. Executive offices are being opened in
Bangkok, Thailand as a result of the acquisition of the Company by
the Purchaser. More information about the Company is available at
www.panafrican.com.
About Asia Thai Mining Co., Ltd.
Asia Thai Mining Co., Ltd. ("ATM") is a holding company
incorporated in Thailand. ATM, either directly or through
affiliated companies has extensive experience in the development
and operation of mining interests, in particular in respect of coal
mining interests. Through its subsidiaries, it is involved in the
exploration and development of several coal mines in Indonesia. The
company projects its coal production capacity will reach
approximately 4 million tons by 2009. ATM forms part of a group of
affiliated mining companies, including Saraburi Coal Co., Ltd.
("SBCC"). SBCC has been mining coal and tin in Thailand and other
Southeast Asian countries since 1998. In addition, SBCC has
recently been awarded a 9-year, US$500 million coal mining contract
in Thailand from Electricity Generating Authority of Thailand and
SBCC will start work in 2008. ATM is a private company with its
registered address and principal place of business at 2034/132-161
New Petchburi Road, Bangkapi, Huaykwang, Bangkok Thailand.
ON BEHALF OF PAN AFRICAN MINING CORP.
"Irwin A. Olian"
Irwin A. Olian
CEO & Director
Forward-looking Statements
Certain statements herein constitute forward-looking statements
or forward-looking information within the meaning of applicable
securities legislation, including the statements or information
about the Transaction. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information.
With respect to forward-looking statements and information
contained herein, we have made numerous assumptions. Although our
management believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there
can be no assurance that a forward-looking statement or information
herein will prove to be accurate. Forward-looking statements and
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements, or industry
results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements or information. All forward-looking
statements and information made herein are qualified by this
cautionary statement.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of the
information contained herein.
Distributed by Filing Services Canada and retransmitted by
Marketwire
For more information, contact: Irwin Olian President and CEO
E-mail: Email Contact Phone: (604) 899-0100 Fax: (604) 899-0200 Tom
Kinakin Corporate Communications - Vancouver Email: Email Contact
Phone: (604) 899-0100 Fax: (604) 899-0200 Carrie Howes Corporate
Communications - London Email: Email Contact London:
+44-7780-602-788 Germany: +49 (0) 1722-1234-47 Pan African Mining
Corp. Suite 1925, Box 11553 650 West Georgia Street Vancouver, BC
V6B 4N8
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