TORONTO, July 10, 2012 /CNW/ - Yanggu Xiangguang Copper Co. Ltd. ("XGC") entered into a subscription agreement on July 7, 2012 (the "Subscription Agreement") with EMED Mining Public Limited (the "EMED") pursuant to which, and subject to the terms and conditions thereof,
XGC's direct, wholly-owned subsidiary, Hong Kong Xiangguang
International Holdings Limited, agreed to subscribe for 32,247,662
ordinary shares in the capital of EMED (the "Subscription"). The purchase price for the Subscription was negotiated based on an
agreed upon share price of £0.10 (or approximately CDN$0.158) per
ordinary share. Based on the information set forth above, as a result
of entering into the Subscription Agreement, XGC may, for the purposes
of applicable Canadian securities laws, be considered to have acquired
beneficial ownership of 32,247,662 ordinary shares of EMED which
constitute approximately 3.21% of the outstanding ordinary shares of
EMED based on there being 972,355,347 ordinary shares of EMED in issue
as of 7 July, 2012. As a result, XGC would have beneficial ownership
of 137,626,181 ordinary shares of EMED which constitute approximately
13.7% of the outstanding ordinary shares of EMED.
XGC intends to review its investment in EMED on a continuing basis.
Depending on various factors, including, without limitation, EMED's
financial position, the price levels of the ordinary shares of EMED,
the conditions in the securities markets and general economic and
industry conditions, XGC's business or financial condition and other
factors and conditions XGC deems appropriate, XGC may in the future
take such actions with respect to its investment in EMED as XGC deems
appropriate, including, without limitation, making proposals to EMED
concerning changes to the capitalization, ownership structure or
operations of EMED, acquiring ordinary shares of EMED or selling,
transferring to an affiliated party or otherwise disposing of some or
all of the ordinary shares of EMED, in each case subject to applicable
laws and the terms of the agreements with EMED. In addition, XGC may
formulate other purposes, plans or proposals regarding EMED or any of
its securities to the extent deemed advisable in light of general
investment and trading policies, market conditions or other factors or
XGC may change its intention with respect to any and all matters
referred to above.
About Yanggu Xiangguang Copper Co. Ltd.
XGC is one of the world's largest Copper smelting, refining and
processing group located in Shandong province of China, with a designed
smelting capacity of 450,000mt/y Cu from concentrate and refining
capacity of 600,000mt/y Copper cathodes. It employs the state-of-art
copper smelting technology of double flash smelting and converting.
XGC's parent company, GMK Holding Co., Ltd ("GMK"), is a leading privately owned enterprise group in China including
significant food production interests.
SOURCE Yanggu Xiangguang Copper Co. Ltd.
For further information:
XGC's address is set out below. For further information or to obtain a copy of the report filed by XGC in accordance with applicable Canadian securities laws, contact XGC at the address specified below:
Xiangguang Copper (Shandong)
1 Xiangguang Road
Tel: +86 (0) 635 6555001
Xiangguang Copper (Shanghai)
Bank of China Tower
200 Mid Yincheng Road
Tel: +86 (0) 21 20369299