Symbol on TSX Venture Exchange: KWG
Shares issued and outstanding: 576,733,823
MONTRÉAL, May 24 /CNW/ - KWG Resources Inc. ("KWG" or the "Company") announces that the Company has received a non-binding take-over bid proposal. In response to such proposal and to consider strategic alternatives, the board of directors of the Company (the "Board") has met and formed a special committee of independent directors (the "Committee"), being René Galipeau, Bruce Reid and Cynthia Thomas. The Committee is currently seeking to appoint a financial advisor for the purposes of considering strategic alternatives and making recommendations to the Board and shareholders of KWG.
About KWG Resources Inc.
KWG is a mineral exploration company with extensive claim holdings in the James Bay Lowlands of Northern Ontario, Canada, where important discoveries of nickel and chromium have been made recently in the Ring of Fire. KWG has an equal participating interest in a large claim block in the central part of the discovery area, with Spider. The co-optionees are developing the Big Daddy Chromite Deposit adjacent to the Black Thor and Black Label chromite discoveries of Freewest Resources Canada Inc. In addition, KWG holds a 1% net smelter royalty in all three prospects and has created Canada Chrome Corporation to pursue the development of them.
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 this release.
SOURCE KWG RESOURCES INC.
For further information: For further information: Bruce Hodgman, Communications Director, Direct: (416) 646-1374, email@example.com; Or visit our website: www.kwgresources.com