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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kinbauri Gold Corp Com Npv | TSXV:KNB | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Kinbauri today announced that its Board of Directors has determined to work together with Orvana to provide an orderly transition of the business of Kinbauri. The Board of Directors has unanimously recommended that Kinbauri shareholders ACCEPT the all-cash Offer by Orvana to acquire the common shares of Kinbauri at a price of $0.75 per share.
The directors of Kinbauri unanimously recommend that, in the absence of a superior offer, Kinbauri shareholders ACCEPT Orvana's revised Offer. The directors of Kinbauri intend to tender their common shares to the Offer.
Dr. Vern Rampton, President & CEO, Kinbauri commented, "Our shareholders have spoken, and now it is in the best interests of the El Valle/Carles project and our employees in Spain that we move ahead expeditiously with this transaction. I want to thank our shareholders for standing by us and helping to increase the bid from $0.55 per share to $0.75 per share. The board congratulates Orvana on the acquisition of this excellent asset and assures cooperation of Kinbauri in completing a smooth transition and providing any assistance with the project's development."
Gryphon Partners, financial advisor to the Special Committee, has provided an opinion that, as of August 13, 2009, the consideration under the Offer is fair, from a financial point of view, to the shareholders of Kinbauri.
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.
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. Vern Rampton President & CEO 613-836-2594 613-831-2730 (FAX) vrampton@kinbauri-gold.com Kinbauri Gold Corp. Darrell Munro, BB.A, LL.B, Manager Corporate Communications 613-836-0198 dmunro@kinbauri-gold.com Europe INVESTEL Ruediger (Rudy) Hnyk, CEO Investor Relations & Telecommunications ceo@investel.de
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