Osisko's Offer to Acquire Brett Resources Succeeds
May 19 2010 - 9:06PM
Marketwired
Brett Resources Inc. ("Brett") (TSX VENTURE: BBR) is pleased to
announce that Osisko has been successful in its offer to acquire
Brett. A total of 88,295,814 common shares of Brett were validly
deposited at the expiry time of the offer representing
approximately 77.28% of Brett's issued and outstanding common
shares.
Osisko has taken up the shares and payment will be made on or
before May 25, 2010. Brett shareholders who tendered to the offer
will receive 0.34 of an Osisko common share plus Cdn.$0.0001 for
each common share of Brett tendered, subject to adjustment for
fractional shares. Accordingly, Osisko will issue approximately
30,020,577 common shares in respect of the offer.
Osisko President and Chief Executive Officer Sean Roosen said:
"We would like to thank the Brett shareholders for their support
and to welcome them to Osisko in our quest to become the next
leading intermediate gold producer. Our flagship Canadian Malartic
project is progressing well, with the mine build on schedule and on
budget. We anticipate completing the build early next year and
following commissioning, achieving commercial production in the
second quarter of 2011. We also have one of the largest drill
programs in our sector, with over 300,000 metres of new exploration
and definition drilling in progress this year, and expect to see
another good year of growth in our resource table that will enhance
value for our shareholders."
"This strong endorsement by our shareholders confirms that the
combined entities of Brett and Osisko will form the next leading
intermediate gold producer," said Patrick Soares, President and
Chief Executive Officer of Brett Resources.
Osisko intends to effect a subsequent acquisition transaction
within the next 120 days in order to acquire all of the remaining
Brett shares. Osisko intends to vote all of the Brett common shares
acquired under the offer in favour of any subsequent acquisition
transaction. On completion of a subsequent acquisition transaction,
Osisko intends to de-list the Brett shares from the TSX Venture
Exchange.
About Osisko
Osisko Mining Corporation is currently developing the Canadian
Malartic gold deposit and evaluating adjacent areas for a
large-scale open pit, bulk-tonnage mining operation. The Canadian
Malartic deposit currently represents one of the biggest gold
reserves in Canada for a single deposit, and is still growing
through ongoing drilling on new mineralized zones. Current reserves
for the Canadian Malartic property (including the adjacent South
Barnat deposit) are 8.97 million ounces, plus a global measured and
indicated resource of 2.23 million ounces and an inferred resource
of 0.47 million ounces.
About Brett Resources Inc.
Brett Resources Inc. is a Canadian minerals exploration company
whose primary mandate is the discovery, acquisition, and
development of precious metals systems, with particular expertise
in Canada and Latin America. Since 2006 Brett's primary focus has
been the 100 percent owned Hammond Reef Gold Deposit in Ontario
where an inferred resource of 6.70 million ounces of gold, 259.4
million tonnes at a grade of 0.8 grams per tonne utilizing a 0.3
gram per tonne gold cut-off has been outlined.
Patrick Soares, President & CEO
Forward Looking Statements
Certain statements contained in this press release may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact, that address events or
developments that the Corporation expects to occur, are forward
looking statements. Forward looking statements are statements that
are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential",
"scheduled" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. Although the
Corporation believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
including, without limitation that all technical, economical and
financial conditions will be met in order to put the Canadian
Malartic Project into commercial production or that Osisko will
complete the acquisition of all of the outstanding shares of Brett
Resources Inc., such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include gold prices, access to skilled consultants,
mining development and mill production personnel, results of
exploration and development activities, the Corporation's limited
experience with production and development stage mining operations,
uninsured risks, regulatory changes, defects in title, availability
of personnel, materials and equipment, timeliness of government
approvals, actual performance of facilities, equipment and
processes relative to specifications and expectations,
unanticipated environmental impacts on operations market prices,
continued availability of capital and financing and general
economic, market or business conditions. These factors are
discussed in greater detail in the Corporation's most recent Annual
Information Form filed on SEDAR, which also provides additional
general assumptions in connection with these statements. The
Corporation cautions that the foregoing list of important factors
is not exhaustive. Investors and others who base themselves on the
Corporation's forward-looking statements should carefully consider
the above factors as well as the uncertainties they represent and
the risk they entail. The Corporation believes that the
expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon.
These statements speak only as of the date of this press
release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Brett Resources Inc. Tony Perri Manager, Investor
Relations 604-488-0008 604-669-2543 (FAX) tperri@brettresources.com
www.brettresources.com Wani Capital Raju Wani 403-240-0555
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