"a dynamic and well funded international"Intrepid Mines-Proposed Merger with Emperor Update
Oct 22, 2007 8:00:00 AM
TORONTO, ONTARIO -- (MARKET WIRE) -- 10/22/07 -- Intrepid Mines Limited (TSX: IAU)(TSX: IXN)(ASX: IAU), an international gold and silver production, development and exploration company, is pleased to provide an update on the status of the previously announced (see press release dated September 17, 2007) merger with Emperor Mines Limited (ASX: EMP).
Merger Milestones Achieved:
- Due diligence conditions precedent have been completed to each party's satisfaction, and
- Emperor Mines Limited has today confirmed that the book build for the sell-down of DRDGOLD's entire share position in Emperor has been completed. This is a key condition precedent of the proposed merger with settlement of the placement expected before the end of the month.
Merger Overview:
The new company, to be named Intrepid Mines Limited, will be a dynamic and well funded international gold producer, developer and explorer listed on both the TSX and ASX.
The combination of Emperor balance sheet strength, Intrepid's producing Paulsens Gold Mine and Casposo development project, and both companies' exploration assets, together with the combined skills of the two management teams, will create a well balanced company capable of adding significant value for its shareholders.
The merger will take place by way of a Scheme of Arrangement, with Emperor shareholders, including sell-down placees, receiving 1 Intrepid share for every 4.25 Emperor shares held.
Both companies continue to work towards satisfaction of remaining conditions precedent (including, but not limited to, Court approval of the Scheme of Arrangement in Western Australia, approval by Intrepid and Emperor shareholders, and regulatory approvals), with a target date to complete the merger in January 2008.
About Intrepid Mines:
Intrepid Mines Limited is an international gold and silver production, development and exploration company. The Company's producing property is the Paulsens Gold Mine, located in northwestern Australia. The Company's advanced development property is the Casposo Project located in San Juan Province, Argentina. The Company's exploration properties are located in Argentina, El Salvador, Mexico, Australia and Canada.