Norilsk Nickel's Offer to LionOre Shareholders Expires With Over 97,7% of Shares Tendered; Transaction to Acquire All Remaining LionOre Shares to Commence

    MOSCOW and TORONTO, Aug. 14 /CNW/ - OJSC MMC Norilsk Nickel ("Norilsk
Nickel" or the "Company") today announced that 241,518,856 common shares of
LionOre Mining International Ltd ("LionOre") (Toronto Stock Exchange symbol:
"LIM"; London Stock Exchange symbol: "LOR"; Botswana Stock Exchange symbol:
"LIONORE") representing in excess of 97.75% of the LionOre common shares
outstanding have been acquired, or will be taken up with payment to be made
shortly, by Norilsk Nickel under its all-cash offer to acquire all of the
issued and outstanding common shares of LionOre for aggregate cash
consideration of approximately CDN$6.8 billion.
    The offer expired at 8:00 p.m. (Toronto time) on Monday, August 13, 2007
and has not been extended by the Company.
    Since the offer was accepted by the holders of more than 90% of the
outstanding common shares as of the expiry time, Norilsk Nickel intends to
proceed to acquire the remaining common shares of LionOre pursuant to the
compulsory acquisition procedures available under Canadian law. The notice of
compulsory acquisition will be mailed to shareholders as soon as practicable.
Copies of the notice of compulsory acquisition and any related documents can
also be obtained by directing a request to Georgeson Shareholder
Communications Canada Inc., 100 University Avenue, 11th Floor, South Tower,
Toronto, ON, Canada, M5J 2Y1, by telephone to 1-866-682-6148 (North American
Toll Free) or 1-212-440-9800 (Overseas, call collect), or by email to:

    Forward Looking Statements

    This press release may include "forward-looking statements" that are
subject to a number of risks and uncertainties, which are beyond Norilsk
Nickel's control, that could cause actual results to differ materially from
those set forth in, or implied by such forward-looking statements. All
statements other than statements of historical facts included in this press
release are forward-looking statements. Although Norilsk Nickel believes that
the expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to be correct. All
forward-looking statements speak only as of the date of this press release and
Norilsk Nickel undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
    For a discussion of risks and uncertainties regarding Norilsk Nickel's
business, which could cause actual results to differ form those contained in
the forward-looking statements contained herein, please refer to the section
entitled "Risk Factors" contained in Norilsk Nickel's Annual Report for the
fiscal year ended December 31, 2006.

    Norilsk Nickel's website is

For further information:

For further information: Dmitry Usanov, Head of Investor Relations, Tel:
+7-495-786-8320, E-mail:; For media outside Russia: Alex
Buck, BuckBias Ltd, Tel: +44-7932-740-452, Fax: +44-20-7736-8825, E-mail:; Press service of MMC Norilsk Nickel, Tel: +7-495-797-8294,
Fax: +7-495-786-8394, E-mail:

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