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Portage Minerals Inc C.RKX



CSE:RKX - Post by User

Post by sethroon May 02, 2013 10:32am
352 Views
Post# 21329123

New - Portage taken out by Tri-Star

New - Portage taken out by Tri-Star
 
Tri-Star last trade at around 30.3 cents, this means that RKX holders will get approx
3.8 cents per share if the deal goes through.  Cheers!
 
 
RKX Portage suitor Tri-Star offers 1,086 million shares<RKX.CD>



10:08 AM Eastern Daylight Time May 02, 2013

Portage Minerals Inc (CNQ:RKX)Shares Issued 124,476,705Last Close 4/30/2013 $0.005Thursday May 02 2013 - News ReleaseMr. Ken Hight reportsPORTAGE MINERALS INC. AND TRI-STAR RESOURCES PLC SIGN LETTER OF INTENT FORPROPOSED ACQUISITION OF PORTAGEPortage Minerals Inc. has entered a non-binding letter of intent (LOI) for theacquisition of Portage by Tri-Star Resources PLC, a listed issuer on the AIMmarket of the London Stock Exchange under the symbol TSTR. It is proposedthat, subject to the completion of due diligence and formal documentation,Tri-Star Canada Inc. ("Tri-Star Canada"), a wholly-owned subsidiary ofTri-Star, will acquire the entire issued share capital of Portage("Acquisition").In consideration for the Acquisition, Tri-Star has provisionally agreed toissue 1,086 million Ordinary Shares to the current shareholders of Portage,which have a value of CDN$5.2 million based on the share price as at the closeof business on 1 May 2013 and the current exchange rate.Pursuant to the terms of the LOI, Tri-Star has agreed to pay an exclusivityfee of CDN$50,000 immediately, and from 1 June 2013 to make monthlyexclusivity payments of CDN$25,000 to Portage. A further payment ofCDN$85,000, which will be satisfied by the issue of 14 million Ordinary TSTRShares to Portage, will be made to Portage upon completion of theAcquisition.On completion of the Acquisition, the Company will take on the liabilities ofPortage which are expected to include short term liabilities of CDN$400,000and long-term liabilities of CDN$660,000. Tri-Star intends to satisfyCDN$100,000 of the short-term liabilities through the issue of 20 millionOrdinary TSTR Shares.Portage has granted Tri-Star an exclusivity period to 30 June 2013 to completeits due diligence and to enter into a binding agreement in respect of theAcquisition.Portage has agreed to pay Tri-Star compensation of CDN$500,000 if it completesan equivalent transaction to the Acquisition with another party.Completion of the Acquisition is conditional upon directors of both companiesobtaining all necessary authorities from shareholders, and approval by theCNSX and relevant regulatory bodies.Commenting on today's announcement, Ken Hight, President Portage Minerals Inc.stated:"The proposed transaction is a significant development for Portageshareholders. Subject to completion of the transaction, our shareholders willbecome shareholders in a larger company with a clear strategy to become anintegrated antimony producer, and we look forward to working with the Tri-Starmanagement team to complete this transaction. Portage has significantundeveloped antimony resources at the Bald Hill project in New Brunswick,Canada. The recent Bald Hill discovery made by Portage staff, is one of thelargest undeveloped antimony projects in North America. Canada is expected tobe an important source of feedstock, alongside Turkey, to the Tri-Star RoasterProject.Tri-Star notes recent press articles concerning the threat of closure forcertain polluting smelters in China's Hunan province, its key antimonyproducing region. This highlights the importance of having an environmentallycompliant processing facility using modern technology as has been developed byTri-Star. Furthermore, Tri-Star is investigating other high value sulphideconcentrates that its roasting technology could prove suitable for handling."About Tri-Star ResourcesTri-Star Resources is a focused antimony company whose management has manyyears' experience in trading and mining this critical mineral. The Companystrategy is to become the leading integrated antimony metal and productsmanufacturer to western economy consumers utilizing a new technical andenvironmentally advanced 20,000 tonnes per annum capacity metal and tri-oxideproduction facility in the UAE, with raw material supplied from its upstreamresource projects in Turkey and the proposed Portage Acquisition in Canada, aswell as from third party producers.Tri-Star issued a news release this morning regarding this proposedAcquisition plus a new share placement, and developments in respect of itsRoaster project in the UAE.We seek Safe Harbor.Canjex Publishing Ltd. 2013

 

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