VANCOUVER,
April 29 /PRNewswire-FirstCall/ -
Jinchuan Group Ltd. ("Jinchuan") and Continental Minerals
Corporation (TSX-V:KMK, OTCBB:KMKCF) ("Continental" or the
"Company") are pleased to announce that they have completed the
previously announced court approved plan of arrangement (the
"Arrangement") under the Business Corporations Act
(British Columbia) involving
Continental, its shareholders, Jinchuan and its wholly-owned
subsidiary JinQing Mining Investment Limited.
Continental received securityholder approval for
the Arrangement at the meeting of its securityholders held on
April 22, 2011. The Supreme Court of
British Columbia granted a final
order approving the Arrangement on April 27,
2011. Trading of each of the common and preferred shares of
Continental was halted on the TSX Venture Exchange on April 29, 2011 and the common shares and
preferred shares will be delisted from the TSX Venture Exchange.
Continental will also apply to cease to be a reporting issuer under
applicable Canadian securities laws.
Pursuant to the Arrangement, Jinchuan acquired
all of the issued and outstanding common shares of Continental
("Continental Shares"), which it did not already hold, for a
purchase price of $2.60 per share.
Also pursuant to the Arrangement, each outstanding preferred share
of Continental was exchanged for 0.5028 of a common share of Taseko
Mines Limited. In addition, each holder of record of Continental
Shares as at April 28, 2011, or
consequent upon the exercise of options as part of the Arrangement,
is entitled to receive a dividend in the amount of $0.10 per share. Prior to completion of the
Arrangement, Jinchuan held 18,000,000 common shares of Continental
(representing approximately 10.9% of the outstanding Continental
Shares). Pursuant to the Arrangement, Jinchuan acquired the
remaining 147,661,327 common shares of Continental and Continental
is now a wholly-owned subsidiary of Jinchuan.
Jinchuan has deposited a total of $383,919,450.20 in cash with the depositary,
Computershare Investor Services Inc. (the "Depositary"), to satisfy
the consideration payable to Continental shareholders who deliver
their common shares to the Depositary in accordance with the
Arrangement. In addition, 6,277,000 common shares of Taseko
have also been deposited with the Depositary to satisfy the
consideration payable to Continental shareholders who deliver their
preferred shares to the Depositary in accordance with the
Arrangement.
No Regulatory Review
Neither the 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 news release.
SOURCE Continental Minerals Corporation