TORONTO, Dec. 17, 2012 /CNW/ - Pala Investments Limited ("Pala")
announced today that it has extended the expiry time of its offer (the
"Offer") to acquire all of the outstanding common shares ("Melior
Shares") of Melior Resources Inc. ("Melior") for $0.11 in cash per
Melior Share not already owned by Pala or its affiliates, to 11:59 p.m.
on December 21, 2012.
This will provide those shareholders of Melior searching for liquidity
with a further opportunity, in a highly illiquid stock, to realise
immediate value for their holdings.
Pala has also taken up all of the Melior Shares deposited to the Offer
as at 11:59 p.m, being 9,831,366 Melior Shares in total, representing
approximately 5.67% of the outstanding Melior Shares.
Pala now owns, directly or indirectly, 94,527,199 Melior Shares or
approximately 54.52% of the Melior Shares, based on current Melior
Pala expects to mail a formal notice of extension to Melior shareholders
as soon as practicable. The notice of extension will also be available
for review on SEDAR at www.sedar.com. Shareholders are advised to review the notice of extension and any
other relevant documents filed with securities regulatory authorities
by Pala because they will contain important information, including full
details of the Offer, as extended, and its terms and conditions.
Pala is a multi-strategy investment company dedicated to investing in,
and creating value across the mining sector in both developed and
emerging markets. Pala seeks to assist companies in which it has
long-term shareholdings by providing strategic advice and innovative
financing solutions. For more information, visit www.pala.com.
Certain statements in the press release are forward-looking statements
and are prospective in nature. Forward-looking statements are not based
on historical facts, but rather on current expectations and projections
about future events, and are therefore subject to risks and
uncertainties which could cause actual results to differ materially
from the future results expressed or implied by the forward-looking
statements. These statements generally can be identified by the use of
forward-looking words such as "may", "should", "will", "could",
"intend", "estimate", "plan", "anticipate", "expect", "believe" or
"continue", or the negative thereof or similar variations. Such
forward-looking statements are based on estimates and assumptions made
by Pala in light of its experience and its perception of historical
trends, current conditions and expected future developments, as well as
other factors that the Pala believes is appropriate in the
circumstances, including the timing, and the terms and benefits of the
Offer. Many factors could cause the actual results, performance or
achievements to differ materially from those expressed or implied by
the forward-looking statements, including, without limitation, general
business and economic conditions; claims asserted against Pala; and
legislative and/or regulatory changes or actions. Such forward looking
statements should therefore be construed in light of such factors, and
Pala is not under any obligation, and expressly disclaims any intention
or obligation, to update or revise any forward looking statements,
whether as a result of new information, future events or otherwise.
SOURCE: Pala Investments Limited
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