Visible Gold Mines Inc. responds to announcement of unsolicited offer by Zara Resources Inc.
ROUYN-NORANDA, QC, Aug. 21, 2013 /CNW Telbec/ - Visible Gold Mines Inc. (TSX-V: VGD) (Frankfurt: 3V4) acknowledges the announcement made on August 19, 2013 by Zara Resources Inc. (CNSX: ZIR) of its intention to make an unsolicited offer to purchase 100% of the issued share capital of Visible Gold Mines, Altai Resources Inc. and Greencastle Resources Ltd.
Visible Gold Mines has had no discussions with Zara and Visible Gold Mines has not received any communications with any details or other information regarding the intended Zara offer other than the correspondence by which it received a copy of Zara's press release. As a result, Visible Gold Mines is currently reviewing and evaluating the announcement with its legal advisors. If required, a special committee of the Board of Directors of Visible Gold Mines will be appointed to assist the Board in considering the announcement as well as any formal offer actually made in order to maximize value for the benefit of Visible Gold Mines' shareholders and other stakeholders. Visible Gold Mines intends to engage a financial advisor to assist the special committee of the Board of Directors of Visible Gold Mines reviewing and evaluating the announcement of Zara's intention to make an unsolicited offer.
Visible Gold Mines recommends that shareholders defer taking any action in respect of the possible Zara offer until shareholders have received further communication from the Board of Directors of Visible Gold Mines. In the event that an actual offer is made, the Board of Directors of Visible Gold Mines will issue a directors' circular concerning the actual offer. The directors' circular will contain important information including the determination of the Board of Directors of Visible Gold Mines with respect to a recommendation to Visible Gold Mines shareholders.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic company aggressively searching for the next important gold deposit in northwestern Québec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
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