CNNC Overseas Uranium Holding Ltd. Extends Its Offer for Khan Resources Inc. Bid now scheduled to expire at 5:00 p.m. (Toronto time) on May 25, 2010
TORONTO, ONTARIO -- (Marketwire) -- 04/06/10 -- CNNC Overseas Uranium Holding Ltd. ("Offeror") and Khan Resources Inc. ("Khan") (TSX: KRI) jointly announced today that the Offeror has extended its offer to acquire all of the outstanding common shares of Khan at C$0.96 in cash per share (the "Offer"). The notice of extension being sent to Khan shareholders amends the Offer dated February 25, 2010 to extend the expiry date from 5:00 p.m. (Toronto time) on April 6, 2010 to 5:00 p.m. (Toronto time) on May 25, 2010.
The Offer is conditional upon, among other things, the Offeror having obtained all required approvals from the Government of China or any regulatory authority in China that are necessary to complete the Offer. The Offeror has informed Khan that it is extending the Offer as it is awaiting approval of the Offer from the Chinese government. Shareholders who have validly deposited their common shares need not take any further action to accept the Offer. Shareholders who have not yet tendered their shares now have an extended period of time to do so in order to have their shares acquired under the Offer.
A notice announcing the extension of the Offer will be mailed to the registered holders of Khan common shares promptly after the date hereof. The notice will also be available for review on SEDAR at www.sedar.com :
.
ABOUT KHAN RESOURCES INC.
Khan Resources Inc. (TSX: KRI) is a Canadian company engaged in the acquisition, exploration and development of uranium properties. Its current activities are focused on the Dornod area in northeastern Mongolia, the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod Property and in the Additional Dornod Property. The Company's website is www.khanresources.com : .
ABOUT CNNC OVERSEAS URANIUM HOLDING LTD.
CNNC Overseas Uranium Holding Ltd. (a wholly-owned branch of China Uranium Corporation Ltd.) is incorporated in Hong Kong and is an indirect wholly-owned private subsidiary of China National Nuclear Corporation, China's leading uranium development and nuclear fuel company.
Forward-Looking Statements and Information
This press release may contain forward-looking statements and forward-looking information, which are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are characterized by words such as "will", "plan", "expect", "project", "intend", "believe", "anticipate", "forecast", "schedule", "estimate" and similar expressions, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements and information are not historical facts and are based upon a number of estimates and assumptions and are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors, including the impact of Mongolian and Canadian laws and regulatory requirements on the Offer and Khan's business, properties, licenses, operations and capital structure, Khan's ability to re-register its existing licenses, regulatory uncertainty and obtaining governmental and regulatory approvals for the Offer, legislative, political, social, regulatory and economic developments or changes in jurisdictions in which Khan, and CNNC carry on business, the speculative nature of exploration and development, risks involved in the exploration, development and mining business, changes in market conditions, changes or disruptions in the securities markets and market fluctuations in prices for Khan securities, the existence of third parties interested in purchasing some or all of the common shares or Khan's assets, the satisfaction or waiver of the conditions to the Offer, the extent to which holders of common shares determine to tender their shares to the Offer, the anticipated benefits of the Offer, the method of funding and availability of potential alternative strategic transactions involving Khan, including those transactions that may produce superior strategic value to shareholders, the need to obtain and maintain licenses and permits and comply with national and international laws, regulations, treaties or other similar requirements, and uncertainty in the estimation of mineral reserves and resources. In addition, a number of other factors could cause actual results to differ materially from the results discussed in such statements and information, and there is no assurance that actual results will be consistent with them. For further details, reference is made to the risk factors discussed or referred to in Khan's annual and interim management's discussion and analyses and Annual Information Form on file with the Canadian securities regulatory authorities and available on SEDAR at www.sedar.com : . Such forward-looking statements and information are made or given as at the date of this news release, and Khan assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.
Any questions concerning Khan or the Offer may be directed to the information agent as follows:
Investor Relations Contacts:
Khan Resources Inc.
Martin Quick
President & CEO
Office: 416.360.3405
mquick@khanresources.com :
The Buick Group
Jonathan Buick
Office: 416.915.0915, Ext. 302 or Toll Free: 1.877.748.0914
jbuick@buickgroup.com :
The Offer is conditional upon, among other things, the Offeror having obtained all required approvals from the Government of China or any regulatory authority in China that are necessary to complete the Offer. The Offeror has informed Khan that it is extending the Offer as it is awaiting approval of the Offer from the Chinese government. Shareholders who have validly deposited their common shares need not take any further action to accept the Offer. Shareholders who have not yet tendered their shares now have an extended period of time to do so in order to have their shares acquired under the Offer.
A notice announcing the extension of the Offer will be mailed to the registered holders of Khan common shares promptly after the date hereof. The notice will also be available for review on SEDAR at www.sedar.com :
.ABOUT KHAN RESOURCES INC.
Khan Resources Inc. (TSX: KRI) is a Canadian company engaged in the acquisition, exploration and development of uranium properties. Its current activities are focused on the Dornod area in northeastern Mongolia, the site of a former Russian open-pit uranium mine. Khan holds interests in the Main Dornod Property and in the Additional Dornod Property. The Company's website is www.khanresources.com :
.ABOUT CNNC OVERSEAS URANIUM HOLDING LTD.
CNNC Overseas Uranium Holding Ltd. (a wholly-owned branch of China Uranium Corporation Ltd.) is incorporated in Hong Kong and is an indirect wholly-owned private subsidiary of China National Nuclear Corporation, China's leading uranium development and nuclear fuel company.
Forward-Looking Statements and Information
This press release may contain forward-looking statements and forward-looking information, which are subject to certain risks, uncertainties and assumptions. Forward-looking statements and information are characterized by words such as "will", "plan", "expect", "project", "intend", "believe", "anticipate", "forecast", "schedule", "estimate" and similar expressions, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements and information are not historical facts and are based upon a number of estimates and assumptions and are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors, including the impact of Mongolian and Canadian laws and regulatory requirements on the Offer and Khan's business, properties, licenses, operations and capital structure, Khan's ability to re-register its existing licenses, regulatory uncertainty and obtaining governmental and regulatory approvals for the Offer, legislative, political, social, regulatory and economic developments or changes in jurisdictions in which Khan, and CNNC carry on business, the speculative nature of exploration and development, risks involved in the exploration, development and mining business, changes in market conditions, changes or disruptions in the securities markets and market fluctuations in prices for Khan securities, the existence of third parties interested in purchasing some or all of the common shares or Khan's assets, the satisfaction or waiver of the conditions to the Offer, the extent to which holders of common shares determine to tender their shares to the Offer, the anticipated benefits of the Offer, the method of funding and availability of potential alternative strategic transactions involving Khan, including those transactions that may produce superior strategic value to shareholders, the need to obtain and maintain licenses and permits and comply with national and international laws, regulations, treaties or other similar requirements, and uncertainty in the estimation of mineral reserves and resources. In addition, a number of other factors could cause actual results to differ materially from the results discussed in such statements and information, and there is no assurance that actual results will be consistent with them. For further details, reference is made to the risk factors discussed or referred to in Khan's annual and interim management's discussion and analyses and Annual Information Form on file with the Canadian securities regulatory authorities and available on SEDAR at www.sedar.com :
. Such forward-looking statements and information are made or given as at the date of this news release, and Khan assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.Any questions concerning Khan or the Offer may be directed to the information agent as follows:
GeorgesonContacts:
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
North American Toll-Free Number: 1-866-374-9877
Banks and Brokers and Collect Number: 1-212-806-6859
Email: gsproxygroup@gscorp.com : mailto:gsproxygroup@gscorp.com
Investor Relations Contacts:
Khan Resources Inc.
Martin Quick
President & CEO
Office: 416.360.3405
mquick@khanresources.com :
The Buick Group
Jonathan Buick
Office: 416.915.0915, Ext. 302 or Toll Free: 1.877.748.0914
jbuick@buickgroup.com :
0 Response to "CNNC Overseas Uranium Holding Ltd. Extends Its Offer for Khan Resources Inc. Bid now scheduled to expire at 5:00 p.m. (Toronto time) on May 25, 2010"
Post a Comment