Oromin Explorations Ltd OLEPF

Director's Circular- July 4, SEDAR

[maya123ca]

Here is an interesting section from the circular:

The Board of Directors has constituted an independent committee of the Board of Directors (the “Special Committee”) to develop and evaluate value-maximizing alternatives. The Special Committee is
actively engaged in discussions with interested third parties and is soliciting offers for strategic transactions involving Oromin. A number of interested third parties have entered into confidentiality
agreements with Oromin and have been provided with access to an electronic dataroom for the purposes of undertaking due diligence. In addition, arrangements have been made, or are being made, for site
visits and management presentations. While it is impossible to predict whether any offers or transactions will emerge from discussions with third parties, these discussions demonstrate that Oromin is attractive to
other parties in addition to Teranga. The Special Committee also expects to engage Teranga for the purpose of obtaining an improved offer. Tendering Oromin Shares to the Teranga Offer before the 
Special Committee and its advisors have had an opportunity to explore available strategic alternatives may preclude the emergence of a superior offer from Teranga or an alternative transaction.

[comet52]

Well it's interesting but I'm reluctant to trust Chet and the gang.    "A number of interested third parties" just sounds like desperate smoke and mirrors to me.   More vague language with no specifics from a company that gives us nothing to go on 99% of the time. Chet sees the end of his Vancouver Lifestyle company, because TGZ came along with something more

[goldn1]

Comet: Unfortunately I agree with you. Chet blew the deal in December of 2011 at $2.10 and now he wants us to wait for him and his committee to see if they can figure out what they have failed to do for the past year and a half. I still think TGZ will end up raising the bid a bit, the fall in the price of gold doesn't help, but with Chet's only option taking out a new loan at 12% plus

[geezer21]

While there maybe three companies out kicking the tires I am not so sure there will be a taker.  There are a number of negatives that might deter others.  The 25% Senegalese back in, Benton International as a partner or as a difficult company to negotiate with as they may be attempting to leverage their interest beyond what is acceptable to offset problems with their sands project, the

[Goldfather]

geezer.... just fyi.... Its Bendon,,, and they have been the silent partners along w/ Badr in Ole. But Bendon has 43.5%.... and unless they also have a Sands project too ,,, i think youre referring to MDL who has a Mineral Sands  project in senegal... They spun off TGZ in favor iof this Co, and are not doing that well now....but its good for us that MDL dropped out of the TG Bod

[geezer21]

Thanks for that correction.  It is MDL that has the sands project in Senegal.  They were trying to stack the TGZ board.  The next deadline is the July 9 deadline for Senegal to decide if they take 25% or not.  If they do not then that removes one barrier.