China Zirconium Limited to Hold Extraordinary General Meeting of Shareholders on June 27th to Consider Matters Relating to its Initial Public Offering in Canada


    TORONTO, June 5 /CNW/ - China Zirconium Limited (the "Company"), a Hong
Kong Stock Exchange listed company, today announces that it has delivered an
information circular (the "Circular") and a notice to its shareholders in
connection with an Extraordinary General Meeting of Shareholders (the "EGM")
to be held at Suite 2611, Shell Tower, Times Square, 1 Matheson Street,
Causeway Bay, Hong Kong on June 27, 2008, Friday, at 3:00 pm (Hong Kong time).
    The EGM is intended to be held for the purpose of facilitating the
Company's proposed listing of its ordinary shares on the Toronto Stock
Exchange ("TSX") and its proposed initial public offering of ordinary shares
in Canada (the "Offering"). Among other things, the Company will be seeking
shareholder approval at the EGM for: (i) a consolidation of its ordinary
shares on a 10 for 1 basis; (ii) a specific mandate for the issuance of
ordinary shares under the Offering; (iii) amendment of the Company's Articles
of Association to ensure compliance with the TSX shareholders protection
requirements; and (iv) amendment of the Company's Share Option Scheme to
ensure compliance with applicable provisions of the TSX Company Manual.
    The Company expects that the Offering will have an anticipated size of
C$20 million or C$24.3 million if the over-allotment option and the brokers'
warrants are exercised in full. The Company proposes to offer new ordinary
shares to professional, institutional and other independent third party
investors by way of a private placement in the U.S. and the U.K. and by way of
a prospectus qualifying the initial public offering of new ordinary shares to
all investors in Canada. It is currently anticipated that the Company will
issue not more than 25,000,000 new ordinary shares (on a post-consolidated
basis), including the new ordinary shares to be issued pursuant to the
exercise of the over-allotment option and the brokers' warrants.
    The offering price to be issued pursuant to the Offering will be
determined in the context of the market as at the time of pricing of the
Offering. It is currently expected that the minimum offering price will be the
closing price of the ordinary shares as at the pricing date less a discount of
no more than 10%.
    Shareholder should note, however, that the timing and size of the
Offering and the price per consolidated share pursuant to such Offering have
not yet been finalized and will be subject to a number of considerations,
including the prevailing market conditions and the net asset value of the

For further information:

For further information: Susanna Li, China Zirconium Limited, Acting
Chief Financial Officer, Phone: 011-852 2123-9986, Email: or Josh Gerstein, China Zirconium Limited, VP,
Corporate Development, Phone: (416) 459-6900, Email:

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