VANCOUVER, April 20 /CNW/ - NEMI Northern Energy & Mining Inc. ("NEMI" or the "Company" / TSX: NNE.A) has agreed to align its interests with Anglo American to maximize the value for NEMI's shareholders in a proposed sale (the "Sale") of the Peace River Coal Limited Partnership ("PRC"). NEMI believes that a controlled sales process led by Anglo American will maximize the sales price and as such, maximize the value of NEMI's minority interest in PRC.
As a result, NEMI and Anglo American have entered into an agreement which provides Anglo American with the authority to lead the sales process and which provides NEMI with provisions to participate in any sale of Anglo American's controlling interest on the same economic terms. The agreement also contains provisions allowing Anglo American to commit NEMI to an Anglo American approved sale on the same economic terms, subject to the receipt of all required regulatory and NEMI shareholder approvals.
PRC is held as to a 74.83% interest by Anglo American, 12.18% by NEMI, and 12.99% by Hillsborough Resources Ltd.
SOURCE NEMI NORTHERN ENERGY & MINING INC.
For further information: For further information: Michael Cooney, Chairman, NEMI Northern Energy & Mining Inc., (T) (604) 684-1554, (T) (415) 339-8825, (F) (604) 684-1556, E-mail: email@example.com