( ok, not a bad response from the Boys., and I like the BOD involvement) News for 'OLEPF' - (Oromin Responds to Unsolicited Offer)
VANCOUVER, BRITISH COLUMBIA, Jun 20, 2013 (Marketwired via COMTEX) -- Oromin
Explorations Ltd. (the "Company" or "Oromin") (TSX: OLE)(OTCBB: OLEPF)
acknowledges the announcement made on June 19, 2013 by Teranga Gold Corporation
("Teranga") of its commencement of an unsolicited bid (the "Offer") for all of
the issued and outstanding common shares of Oromin that it currently does not
own.
The Company is in the process of reviewing and evaluating the Offer with its
financial and legal advisors. Oromin has appointed RBC Capital Markets as
financial advisor and Miller Thomson LLP as legal advisor to assist in
responding to the Offer. The Company has appointed a special committee of the
Directors to assist the Board in fulfilling its legal and fiduciary duties in
respect of the Offer. The Company has in place a shareholders rights plan, which
is designed to protect the interest of all shareholders. The Company will
consider all possible alternatives, including any competing offers it may
receive, to maximize shareholder value.
Contrary to the representations made by Teranga in its Circular, Oromin has not
confirmed to Teranga its interpretation of the OJVG Shareholders Agreement.
Oromin has not had any discussions with Teranga regarding the lawsuit commenced
by Bendon International Ltd.
The Company recommends that shareholders defer taking any action in respect of
the Offer until the Directors of the Company make a recommendation as to the
merits of the Offer. Shareholders will be promptly notified of any
recommendation by the Directors through a news release and circular in
accordance with applicable securities laws