TORONTO, July 29, 2015 /CNW/ - Plantro Venture Group Ltd. ("Plantro") announces today that it informed Anaconda Mining Inc. (TSX: ANX) ("Anaconda") that Plantro intends to make a formal offer to Anaconda shareholders for all of the outstanding common shares of Anaconda for CAD$0.035 per share in cash. The Offer will provide Anaconda shareholders with a liquidity option at a price consistent with current market levels. Plantro is controlled by Tyler and Matthew Proud.
Plantro has requested an opportunity to perform detailed due diligence with respect to Anaconda. Plantro anticipates being in a position to significantly enhance its offer subject to such due diligence.
The offer will be made in accordance with applicable laws. The offer will be subject to customary conditions, such as a minimum tender condition. Plantro will have sufficient funds available and the closing of the offer will not be conditioned on obtaining financing. If the offer is completed, Plantro intends to acquire any remaining common shares not owned by it or its affiliates at the price per common share paid in the offer by means of the applicable statutory second step transaction. Details of the terms and conditions of the offer will be provided in Plantro's takeover bid circular, when the offer is made and filed.
This news release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. Anaconda shareholders and other interested parties are urged to read the applicable takeover bid circular and other relevant documents filed with the applicable Canadian securities authorities when they become available.
Cautionary Information Regarding Forward-Looking Statements
Statements about the intentions of Plantro Venture Group Ltd. and the expected effects, timing and completion of the proposed transaction and all other statements in this release other than historical facts constitute forward-looking statements. These statements are not guarantees of future actions or performance and involve risks and uncertainties that are difficult to predict. The statements are based upon Plantro's current intentions, expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements, including, among other things, whether the conditions to the offer will be satisfied, general economic factors, business and capital market conditions, general industry trends, changes in tax law requirements and government regulation. There can be no assurances that any transaction will be consummated. Plantro disclaims any obligation to update or revise the information in this news release based on new information or otherwise, unless otherwise required by law.
For information about Anaconda Mining Inc. please visit www.anacondamining.com
SOURCE Plantro Venture Group Ltd.
For further information: For further information about Plantro Venture Group Ltd. please contact: Adrian Turchet, Integral Wealth Management Limited, W: 416 5835219, M: 416 356 4156