BUCHAREST AND TORONTO, April 7, 2012 /CNW/ - Roman Copper Corp. reached a definitive verbal agreement with the government of Romania yesterday on the acquisition of Cupru Min Abrud under the government's privatization program.
"The parties reached a final verbal agreement which we were and still are ready to execute in full," said Mike Curtis, partner at BayFront Capital Partners, the Toronto-based merchant bank that owns Roman Copper. "This agreement includes terms that were requested by the government and accepted by Roman Copper, even though they were not initially included in the form of the contract presented in the privatization package. We were surprised that the negotiating committee refused to accept our written signature."
The definitive verbal agreement was reached in the late evening of April 6, and Roman Copper accepts all the terms. Mr Curtis added that Roman Copper considers the contract to be in effect. "We believe that we have a valid and binding agreement, and we will continue to work in good faith with the Romanian authorities to clarify this matter."
Roman Copper wishes to thank the Romanian government in anticipation of rectifying an apparent and unfortunate misunderstanding over the status of the agreement. Roman Copper won an open, international auction on March 26, 2012 for 100 per cent of the shares of Cupru Min as part of Romania's privatization program.
"Our proposal to acquire Cupru Min has been made in a spirit of transparency and collaboration," Mr Curtis added. "We are looking forward to making a significant contribution to local communities near the mine, as well as to the broader Romanian economy."
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