TORONTO, Aug. 30 /CNW/ - Sojitz Corporation has filed with Canadian
securities regulators its formal offer (the "Offer") to acquire, through its
wholly-owned subsidiary, Sojitz Tungsten Resources, Inc. ("Sojitz"), all of
the outstanding shares of Primary Metals Inc. ("Primary") and commenced
mailing of the Offer and related documents to Primary shareholders on
August 24, 2007.
Sojitz may purchase through the facilities of the TSX Venture Exchange
("TSXV") up to a maximum of 672,013 shares, representing 5% of Primary's
issued and outstanding shares as of the date the Offer, being 13,440,259
Sojitz will pay the market price for Primary's shares on the TSXV at the
time of acquisition and no purchases will be made other than by means of open
market transactions during the period that the Offer is outstanding.
Sojitz purchased 345,900 Primary shares today through the facilities of
The highest price paid for Primary shares by Sojitz today was $3.63.
The aggregate number of Primary shares purchased through the TSXV by
Sojitz to date is 345,900 at an average price of $3.6251.
The total number of Primary shares owned by Sojitz as of the close of
business of the TSXV today is 345,900.
About Primary Metals
Primary owns a 100 percent interest in the Panasqueira tungsten mine in
Portugal, which is currently producing wolframite concentrates containing some
100,000 MTUs of tungsten trioxide per annum, with further improvements
underway. The Panasqueira mine has a long history of production of
high-quality wolframite concentrates and is the dominant producer of
high-grade tungsten concentrates outside China. Further information is
available under Primary's profile at www.sedar.com and on Primary's website at
About Sojitz Corporation
Sojitz, one of Japan's leading trading companies, is listed on the Tokyo
Stock Exchange with revenues of C$42 billion, net assets of C$4.2 billion and
a market capitalization of C$5.3 billion. Sojitz conducts its operations in 50
countries through approximately 500 consolidated subsidiaries and affiliated
companies with over 19,000 employees worldwide. Its business activities cover
machinery and aerospace, energy and mineral resources, chemicals and plastics,
real estate development, forest products and consumer lifestyle-related
businesses. Further information is available on Sojitz's website at
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
For further information:
For further information: Kiyotaka Tomita, Phone: (212) 704-6525, Email: