VANCOUVER, Sept. 28, 2011 /CNW/ - NEMI Northern Energy and Mining Inc. (TSX: NNE.A) (the "Company") announces that it has completed the sale (the "Asset Sale") of the Company's interest in the Peace River Coal Limited Partnership
to Anglo American Coal Canada Limited for a cash purchase price of C$73
million. The Company now has cash assets of approximately $76
million. As disclosed in the Company's information circular for the
shareholders meeting approving the sale, management of the Company
currently intends to use the majority of the Company's cash to provide
securityholders with a liquidity event such as a cash distribution or a
share buyback. Any such liquidity event will be subject to, among
other factors: regulatory and Stock Exchange approvals, appropriate
income tax considerations and approval of the Company's board of
directors following consultation with financial advisors. The Company
expects to make an announcement in this regard within one to two weeks.
This news release includes forward-looking statements that are subject
to risks and uncertainties. All statements within, other than
statements of historical fact, are to be considered forward looking.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results
or developments may differ materially from those in forward-looking
statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, continued availability of capital and financing, and general
economic, market or business conditions. There can be no assurances
that such statements will prove accurate and, therefore, readers are
advised to rely on their own evaluation of such uncertainties. We do
not assume any obligation to update any forward-looking statements.
SOURCE NEMI Northern Energy
For further information:
NEMI Northern Energy & Mining Inc.
(T) (415) 339-8825