SYDNEY, Australia, June 12 /CNW/ - RMB Resources Ltd. ("RMB"), as trustee
for the Telluride Investment Trust, today announced that it has entered into a
private agreement to purchase an aggregate of 39,062,072 common shares (the
"Purchased Shares") of Sutter Gold Mining Inc. (TSX-V:SGM) ("SGMI") from
U.S. Energy Corp. ("U.S. Energy") for an aggregate purchase price of
approximately Cdn. $5.4 million, in accordance with the terms of a share
purchase agreement (the "Purchase Agreement") and subject to closing
conditions set out therein (the "Acquisition"). The Purchased Shares represent
approximately 49.9% of the outstanding common shares of SGMI. U.S. Energy
currently owns 42,613,081 common shares of SGMI representing approximately
54.4% of the outstanding common shares of SGMI. The Acquisition is expected to
close at the end of July 2008 (the "Closing").
Concurrently with the execution of the Purchase Agreement, U.S. Energy
delivered to RMB a power of attorney pursuant to which RMB was granted the
right to vote the common shares of SGMI currently owned by U.S. Energy.
RMB is pursuing the Acquisition for investment purposes. In addition to
the Acquisition, the Purchase Agreement contemplates that RMB will subscribe
for its proportionate ownership interest in SGMI in a financing transaction
designed to provide SGMI with necessary working capital, subject to the
receipt of necessary regulatory approval. RMB reserves the right, depending on
the circumstances including market conditions, to make further purchases, or
disposals, of common shares of SGMI in the future.
RMB is a wholly-owned unit of the Rand Merchant Bank division of
FirstRand Bank. The registered office of RMB is Level 13, 60 Castlereagh
Street, Sydney, NSW, Australia.
For further information:
For further information: or copies of the report filed in connection
with this news release with the various securities commissions, please
contact: RMB Resources Ltd., Attention: Michael Schonfeld, Telephone: +61 3