TORONTO, Nov. 8, 2012 /CNW/ - Pala Investments Limited has today purchased 1,223,000 common shares of Melior Resources Inc. ("Melior Shares") through the facilities of the TSX Venture Exchange ("TSXV"). This represents approximately than 0.7% of the outstanding Melior Shares, as at the date of Pala's indirect offer to acquire all of the outstanding Melior Shares not already held by Pala and its affiliates on October 1, 2012 (the "Offer"). The highest price paid by Pala for the Melior Shares was $0.12 per Melior Share.
Pala now owns, directly or indirectly, 88,244,328 Melior Shares or approximately 50.8% of Melior Shares, based on current Melior Shares outstanding. This is the fifteenth day on which Pala has purchased Melior Shares through the facilities of the TSXV since Pala announced its intention to make an all-cash offer for all of the outstanding Melior Shares not already held by Pala or its affiliates. Since October 19, 2012, Pala has purchased an aggregate of 2,826,000 Melior Shares at an average price of approximately $0.117 through the facilities of the TSXV.
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.
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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