Dog with a bone?New Pacific Metals Announces Expiry of Bid and Take Up of Additional Shares of Tagish Lake Gold
9/28/2010 8:04:12 AM - Market Wire
VANCOUVER, BRITISH COLUMBIA, Sep 28, 2010 (MARKETWIRE via COMTEX News Network) --
NewPacific Metals Corp. (TSX VENTURE: NUX) ("New Pacific"), announces thatthe take-over bid for all of the outstanding common shares ("TagishShares") and the offer to purchase all of the secured and unsecured debt(together, the "Offer") of Tagish Lake Gold Corp. ("Tagish Lake")expired on September 27, 2010. Prior to the expiry, New Pacific took up(or already owned) 114,504,229 Tagish Shares, representing approximately80.1% of the issued and outstanding Tagish Shares (on a non-dilutedbasis). Prior to the expiry New Pacific did not take up any of thesecured or unsecured debt of Tagish Lake.
On September 23, 2010,the board of directors of Tagish Lake (the "Tagish Board") issued itsdirectors' circular and notice of change recommending that Tagish Lakeshareholders accept the Offer and reject the take-over bid datedSeptember 8, 2010 made by YS Mining Company Inc. ("YS Mining") toacquire all of the Tagish Shares and debt of Tagish Lake. YS Miningsubsequently announced the withdrawal of its offer on September 24,2010.
New Pacific's offer per Tagish Share was:
(a)
.10 in cash; or (b) 0.1370 of a common share of New Pacific (a "NewPacific Share"); or (c) a combination of 50% in cash and 50% in NewPacific Shares.
New Pacific will issue an aggregate ofapproximately 15,323,531 New Pacific Shares to the former holders ofTagish Shares who tendered to the Offer and elected to receive all orpart of the consideration in New Pacific Shares. Upon issue thereof,there will be a total of approximately 47,231,519 New Pacific Sharesoutstanding of which approximately 32% of the outstanding New PacificShares will be held by former holders of Tagish Shares.
About New Pacific Metals
NewPacific is engaged in the exploration and development of mineralresources and gold-poly-metallic projects in China and otherjurisdictions. New Pacific has extensive experience in implementing highgrade resource development projects. For more information about NewPacific, visit New Pacific's website at www.newpacificmetals.com.
Forward Looking Information
Thisnews release may contain forward looking statements, being statementswhich are not historical facts, including, without limitation,discussion of future plans and objectives. There can be no assurancethat such statements will prove accurate. Such statements arenecessarily based on a number of estimates and assumptions that aresubject to numerous risks and uncertainties that could cause actualresults and future events to differ materially from those anticipated orprojected. New Pacific Metals disclaims any intention or obligations torevise or update such statements. The following factors, among others,could cause actual results or developments to differ materially from theresults or developments expressed or implied by forward lookingstatements; New Pacific may not succeed in acquiring additional TagishShares; New Pacific may not be successful in assisting Tagish Lake toobtain, and Tagish Lake may not obtain, the regulatory and otherapprovals and financing required to develop the Skukum mineral district;Tagish Lake may not be successful in developing the Skukum mineraldistrict.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.