TORONTO, Nov. 6, 2012 /CNW/ - November 6, 2012: 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 November 16, 2012, to allow shareholders of Melior a further opportunity to deposit their Melior Shares to the Offer.
As all conditions to the Offer have been satisfied or waived, Pala has also taken up all of the Melior Shares deposited to the Offer at the initial expiry time, being 9,222,495 Melior Shares, representing approximately 5.3% of the outstanding Melior Shares.
Pala now owns, directly or indirectly, 86,671,828 Melior Shares or approximately 50% of Melior Shares, based on current Melior Shares outstanding; such amount includes the 1,253,500 Melior Shares purchased through the facilities of the TSX Venture Exchange (the "TSXV") since Pala announced its intention to make the Offer.
Pala previously announced its intention to purchase Melior Shares through the facilities of the TSXV, subject to applicable law, from time to time commencing on October 19, 2012 until the expiry of the Pala's Offer. The purchase of Melior Shares on market is being undertaken with the sole aim of assisting Pala to achieve its objective of acquiring 100% of Melior Shares. The number of Melior Shares purchased by Pala through the facilities of the TSXV may not exceed 5% of the outstanding Melior Shares, based on the number of Melior Shares outstanding on the date of the Offer. Such purchases were made pursuant to a normal course purchase exemption to the prohibition on acquisitions during a take-over bid.
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 intends to acquire all of the issued and outstanding common shares of Melior not already owned by Pala and its affiliates.
Pala's address is 12 Castle Street, St. Helier, Jersey JE2 3RT. For further information please refer to the Early Warning Report posted on SEDAR.
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; the failure to meet certain conditions of the Offer; 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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