TORONTO, Nov. 16 /CNW/ - Thistle Mining Inc. ("Thistle" or the "Company")
(AIM: TMG) announced today that the Company has posted a notice of meeting and
management information circular (the "Circular") to shareholders of the
Company. The annual and special meeting of shareholders (the "Meeting") will
be held at 10:00 a.m. (Toronto time) on Thursday, December 13, 2007, at the
offices of Heenan Blaikie LLP, Suite 2600, 200 Bay Street, South Tower, Royal
Bank Plaza, Toronto, Ontario, Canada.
The shareholders of the Company will be asked to, among other things,
approve a special resolution ("Sale Resolution") in respect of the sale by
Thistle of 100% of Thistle's direct and/or indirect interests in President
Steyn Gold Mines (Free State) (Proprietary) Limited to Pamodzi Gold Limited
("Sale Transaction"). Details of the sale transaction were announced by the
Company on November 1, 2007. Copies of the Circular are available to the
public, free of charge, at www.sedar.com or on the Company's website at
Proposed Investment Strategy
At the Meeting, Shareholders will also be asked, if the Sale Resolution
is approved, to consider and approve Thistle's investment strategy as set out
in the Circular to be implemented post completion of the Sale Transaction.
As the Sale Transaction will divest Thistle of all or substantially all
of its active business activities, under the AIM Rules, Thistle will, upon
completion of the Sale Transaction, be treated as an "investing company". The
Thistle Board has resolved that, of the options available to Thistle moving
forward, Thistle should not be delisted from AIM, wound down or become a
passive investor and instead should be used to develop business opportunities
that may be available to it, including any that are introduced to it by its
two major shareholders, Casten Holdings Limited and MC Resources Limited.
It is proposed that the primary business sectors for Thistle's
investments will be oil and gas, mining, real estate, telecoms and/or finance.
Thistle intends to focus on investments in public and/or private companies
mainly in the emerging markets of the CIS, Eastern Europe and Middle East, but
will not limit itself from developing other opportunities in Western Europe,
the United States, Canada or elsewhere. Thistle proposes to obtain a
controlling interest in the majority of its investments or certain control
rights over key decisions taken in relation to its investments.
The Thistle Board expects that expertise will be required to assist with
the evaluation of its proposed investments. It also expects that expertise
will be required in the area of general business in the emerging markets of
the CIS, Eastern Europe and the Middle East.
The Thistle Board proposes that due diligence of prospective investments
be performed by persons appointed by the Thistle Board with specific expertise
relating to the investment under review, as required. Consequently the Thistle
Board intends to appoint management in line with the business opportunities
identified. Following the completion of the Sale Transaction, it is the
intention of Thistle to focus on recruiting persons having skills aligned with
new opportunities and on reconstituting the Thistle Board in line with the
strategic aims referred to above and in order to conserve costs pending the
conclusion of any new investments to be made by it.
Forward Looking Information: This press release may contain or refer to
forward-looking information based on current expectations. Forward-looking
statements are subject to significant risks and uncertainties, and other
factors that could cause actual results to differ materially from expected
results. These forward-looking statements are made as of the date hereof and
the Company assumes no responsibility to update or revise them to reflect new
events or circumstances.
For further information:
For further information: Anton Kakavelakis, Group Financial Controller,
+ 27 57 391 9026 or email to firstname.lastname@example.org; Gerry Beaney, Maureen Tai
or Troy MacDonald, Grant Thornton Corporate Finance at +44 (0) 207 383 5100