PERTH, Western Australia, April 4 /CNW/ - Mantra Resources Limited ('Mantra' or 'Company') (ASX:MRU, TSX:MRL) is pleased to provide the following update on the status of the revised
all-cash offer from JSC Atomredmetzoloto ('ARMZ') to acquire all of the
issued shares in Mantra by way of a Board recommended Scheme of
Arrangement (the 'Scheme') under the Australian Corporations Act, which
was announced on 22 March 2011.
If the Scheme becomes effective, Mantra shareholders will receive total
cash payments of A$7.02 per share, comprising:
A$6.87 in cash for every Mantra share they own under the Scheme; and
An unfranked special dividend of A$0.15 for every Mantra share they own
as at the Record Date under the Scheme.
Scheme Booklet filed with ASIC
An amended draft Scheme Booklet, including an Independent Expert's
Report, was today lodged with the Australian Securities and Investments
Commission ('ASIC'). Mantra intends to schedule a first hearing date
with the Supreme Court of Western Australia ('Court') to coincide with
the completion of ASIC's review of the Scheme Booklet.
The Company will provide a further update on the Scheme timetable once
the first Court hearing date is confirmed.
Forward Looking Statements
This news release contains 'forward-looking information' that is based
on the Company's expectations, estimates and projections as of the date
on which the statements were made. This forward-looking information
includes, among other things, statements with respect to
pre-feasibility and definitive feasibility studies, the Company's
business strategy, plans, development, objectives, performance,
outlook, growth, cash flow, projections, targets and expectations,
mineral reserves and resources, results of exploration and related
expenses. Generally, this forward-looking information can be identified
by the use of forward-looking terminology such as 'outlook',
'anticipate', 'project', 'target', 'likely', 'believe', 'estimate',
'expect', 'intend', 'may', 'would', 'could', 'should', 'scheduled',
'will', 'plan', 'forecast', 'evolve' and similar expressions. Persons
reading this news release are cautioned that such statements are only
predictions, and that the Company's actual future results or
performance may be materially different.
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking information. Forward-looking information is developed
based on assumptions about such risks, uncertainties and other factors
set out herein, including but not limited to the risk factors set out
in the Company's Annual Information Form.
This list is not exhaustive of the factors that may affect our
forward-looking information. These and other factors should be
considered carefully and readers should not place undue reliance on
such forward-looking information. The Company disclaims any intent or
obligations to update or revise any forward-looking statements whether
as a result of new information, estimates or options, future events or
results or otherwise, unless required to do so by law.
SOURCE Mantra Resources Limited
For further information:
Chief Executive Officer
Telephone: +27 82 888 6852