SCOTTSDALE, AZ, April 22, 2014 /CNW Telbec/ - Chaparral Gold Corp.
("Chaparral") (TSX: CHL) announces that Waterton Precious Metals Fund
II Cayman, LP ("Waterton") has again extended its hostile offer (the
"Hostile Bid") to acquire all of the outstanding common shares of
Chaparral from April 22, 2014 to 5:00 p.m. (Toronto time) on May 7,
2014. The offer price of C$0.50 per share and all other conditions
under the Hostile Bid remain unchanged.
Chaparral's closing share price on April 21, 2014 is 32% higher than the
Hostile Bid offer price and, in addition, the average closing share
price since the announcement of the Hostile Bid is 21% higher than the
Hostile Bid offer price. As outlined in Waterton's Notice of Extension
of April 21, 2014 only 30,227 shares have tendered to their bid,
representing only 0.03% of the outstanding shares of Chaparral.
The Board of Directors of Chaparral recommendation that shareholders REJECT the Hostile Bid and DO NOT tender their shares, remains unchanged.
Nick Appleyard, CEO of Chaparral, stated "This further extension to the
Hostile Bid by Waterton shows that our shareholders are not tendering
in any meaningful numbers to this very low bid. Chaparral continues to
focus on permitting the Gemfield project at Goldfield, Nevada and we
are very pleased with the progress being made to meet our permitting
target of the second quarter 2015."
About Chaparral Gold
Chaparral is a Nevada-focused precious metals company actively
permitting the 100%-owned Gemfield deposit at the Goldfield property,
in central Nevada. In addition, Chaparral holds a 100% interest in the
advanced-stage Converse property, also located in Nevada.
Some of the statements contained in this release are "forward-looking
statements" within the meaning of Canadian securities law requirements,
including statements relating to the Company's plans in respect of the
Hostile Bid and in respect of its Goldfield property. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
performance or achievements to differ materially from the anticipated
results, performance or achievements expressed or implied by such
forward-looking statements. Factors that could cause actual results to
differ materially from anticipated results include risks and
uncertainties such as: risks relating to potential amendments to the
terms of the Hostile Bid by Waterton and in respect of the Goldfield
property, risks of delays in the permitting process and risks of
obtaining required construction financing. Except as required pursuant
to applicable securities laws, the Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
SOURCE: Chaparral Gold Corp
For further information:
In North America:
Tel: 1 480 483 9932
Renmark Financial Communications
Tel: 1 514 939 3989
Tel: +41 44 853 00 47
Or email the Company at: email@example.com
Web Site: www.chaparralgold.com