Kinbauri Shareholders Are Advised to Take No Action at This Time Regarding Orvana's Revised Offer
July 21 2009 - 2:59PM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) has been advised that Orvana Minerals Corp. ("Orvana") has
raised its all-cash offer for Kinbauri to C$0.75 per share from
C$0.55 (the "Orvana Offer") and that investors holding 23.6 percent
of Kinbauri's outstanding shares have signed lockup agreements in
support of the Orvana Offer. The Orvana Offer will expire at 11:59
pm (Vancouver time) on July 31, 2009, unless withdrawn or extended.
On July 12, 2009, Kinbauri announced that it had signed a
binding letter agreement with ATW Gold Corp. (TSX VENTURE: ATW)
("ATW") to combine the two companies at the agreed exchange ratio
of 1.35 ATW shares per Kinbauri share, which implies a purchase
price of C$0.85 per Kinbauri share using closing share prices on
July 10, 2009.
Kinbauri's Board of Directors recommends that shareholders do
not take any action (including the tendering of shares) with
respect to the Orvana Offer, until the Special Committee of the
Board of Directors has completed its review and the Board of
Directors has had an opportunity to fully evaluate the Orvana Offer
and communicate its views to shareholders.
For assistance in withdrawing any shares already tendered, or
other questions, please contact Laurel Hill Advisory Group, the
Information Agent retained by Kinbauri in connection with the
Orvana Offer, toll free at 1-888-812-9184 from anywhere in Canada
or the United States and collect at 416-637-4661 from outside North
America.
About Kinbauri
Kinbauri (TSX VENTURE: KNB) is a mineral exploration company
focused on the development of precious metal prospects in Spain,
Nevada and Canada. Its immediate focus is to begin operations at
its El Valle/Carles property in Asturias, northwestern Spain in
2010. It currently has 59,348,051 common shares issued and
outstanding. For more information visit www.kinbaurimaximized.com
or www.kinbauri-gold.com.
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.
Contacts: Kinbauri Gold Corp. Mr. Brian McEwen Director, Special
Committee member 613-836-2594 613-831-2730 (FAX)
bmcewen@kinbauri-gold.com Kinbauri Gold Corp. Darrell Munro, BB.A,
LL.B, Manager 613-836-0198 dmunro@kinbauri-gold.com Europe INVESTEL
Ruediger (Rudy) Hnyk, CEO Investor Relations &
Telecommunications ceo@investel.de
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