GREY:FNKLF - Post by User
Post by
DTM5on Apr 14, 2010 1:14pm
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Post# 16990922
Interesting News
Interesting NewsThis is a very good sign - I'd be tickled pink if someone would offer up 150 million for FNI. I wonder how crowfoots properties compare to First Nickels. I'd think FNI's are superior.
Crowflight Minerals Inc. Receives $150 Million Offer From Jinchuan Group Ltd. Of China
Tuesday, 6 Apr 2010 09:48am EDT
Crowflight Minerals Inc. announces that it has received an offer letter (Offer) from Jinchuan Group Ltd. (Jinchuan) to acquire all of the common shares of the Company in consideration for an aggregate cash payment of $150,000,000. Based on the current number of Crowflight common shares outstanding, this Offer equates to approximately
.26 per common share. The Offer represents a premium of 47.3% to the closing price on the Toronto Stock Exchange for the Company's common shares on April 2, 2010 and a premium of 56.8% to the 20 day volume weighted average trading price. The Offer is being reviewed by the Special Committee of the Board of Directors, which was formed upon the Company receiving a non-binding expression of interest from Pala Investment Holdings AG (Pala) (for information regarding the Pala expression of interest, please see the Company's press releases of January 27, and 28, 2010). The Special Committee is comprised of members of the Board of Directors of the Company who are independent of the Company, Jinchuan and Pala. The Special Committee has been advised that Forbes & Manhattan, Inc. is participating with Jinchuan in the Offer. Forbes & Manhattan, Inc. is controlled by Stan Bharti, who is the Chairman of the Company. There can be no assurance that any transaction with Jinchuan or Pala, or as a result of the Board's strategic review, will be completed on the terms set out herein or at all.