TORONTO, May 21 /CNW/ - CNNC Overseas Uranium Holding Ltd. ("CNNC") announced today that a necessary regulatory approval from the People's Republic of China has been denied. The National Energy Administration (NEA) of China did not grant its approval for the acquisition by CNNC of 100% of the shares of Khan Resources Inc. ("Khan") pursuant to the offer to acquire all of Khan's outstanding common shares for C$0.96 per share in cash (the "Offer").
The Offer is conditional upon CNNC having obtained all required approvals from the Government of China or any regulatory authority in China that are necessary to complete the Offer.
Accordingly, CNNC will allow the Offer to expire at 5:00 pm (Toronto Time) on May 25, 2010 and will not take up any common shares of Khan pursuant to the Offer.
About CNNC Overseas Uranium Holding Ltd.
CNNC Overseas Uranium Holding Ltd. (a wholly owned branch of China Uranium Corporation Ltd.) is incorporated in Hong Kong and is an indirect wholly owned private subsidiary of China National Nuclear Corporation, China's leading uranium development and nuclear fuel company.
SOURCE CNNC OVERSEAS URANIUM HOLDING LTD.