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Zijin Mining Group Co. Ltd., a joint stock limited company incorporated in the People's Republic of China with limited liability. Stock code: 2899
VANCOUVER, March 12, 2019 /CNW/ - Zijin Mining Group Co. Ltd. (SH:601899, SEHK:2899) ("Zijin") today announced that Zijin, through its wholly-owned subsidiary, 1178180 B.C. Ltd. (the "Offeror"), completed the compulsory acquisition of all the remaining outstanding common shares of Nevsun (the "Nevsun Shares") not already owned by the Offeror or its affiliates pursuant to Section 300 of the Business Corporations Act (British Columbia) (the "Compulsory Acquisition"), following the previously announced successful take-over bid (the "Offer"). A notice of Compulsory Acquisition was mailed on January 11, 2019 to registered holders of Nevsun Shares that did not validly deposit their Nevsun Shares under the Offer (the "Remaining Shareholders").
Pursuant to the Compulsory Acquisition, the Offeror acquired ownership and control of an aggregate number of 23,184,095 Nevsun Shares, representing 7.5% of the issued and outstanding Nevsun Shares, at a price of $6.00 per Nevsun Share. As of the date hereof, in addition to the 286,565,810 Nevsun Shares taken-up and paid for pursuant to the Offer, the Offeror owns 100% of all issued and outstanding Nevsun Shares.
The Nevsun Shares have been delisted from the Toronto Stock Exchange and the New York Stock Exchange American as of March 8, 2019. Nevsun intends to make an application to the applicable Canadian securities regulatory authorities as soon as practicable to cease to be a reporting issuer in each province in which it is currently a reporting issuer.
Forward Looking Statements
Certain statements and information in this press release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the anticipated completion of a compulsory acquisition. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained in this press release, there can be no assurance that any forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risks and uncertainties include, but are not limited to, such things as changes in general economic conditions in Canada and elsewhere and new laws and regulations (domestic and foreign). While Zijin may elect to update the forward-looking statements at any time, Zijin does not undertake to update them at any particular time or in response to any particular event, other than as may be required by applicable securities laws. Investors and others should not assume that any forward-looking statement in this press release represent Zijin's estimate as of any date other than the date of this press release.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is the 100% owner of the high-grade copper-gold Timok Upper Zone and 60.4% owner of the Timok Lower Zone in Serbia. The Timok Lower Zone is a joint venture with Freeport-McMoRan Exploration Corporation ("Freeport") which currently owns 39.6%. Upon completion of any feasibility study (on the Upper or Lower Zone), Nevsun Resources Ltd. will own 46% and Freeport will own 54%. Nevsun generates cash flow from its 60% owned copper-zinc Bisha Mine in Eritrea.
Nevsun Resources Ltd.
1750 - 1066 West Hastings Street
Vancouver, BC V6E 3X1
About Zijin Mining Group Co. Ltd.
Formed in 1993, Zijin is based in Fujian, China and is a leading global mining company specializing in gold, copper, zinc and other mineral resource exploration and development. It manages an extensive portfolio, primarily consisting of gold, copper, zinc, and other metals through investments in China and overseas across nine countries. Listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, Zijin has a market capitalization of approximately US$10 billion.
Zijin Mining Group Co. Ltd.
No. 1 Zijin Road, Shanghang County,
Fujian Province, China
As at the date of this announcement, the Board of Directors of the Company comprises Messrs. Chen Jinghe (Chairman), Lan Fusheng, Zou Laichang, Lin Hongfu, Fang Qixue, and Ms. Lin Hongying as executive directors, Mister. Li Jian as non-executive director, and Messrs. Lu Shihua, Zhu Guang, Sit Hoi Wah, Kenneth, and Cai Meifeng as independent non-executive directors.
By Order of the Board of Directors
Zijin Mining Group Co., Ltd.*
SOURCE Zijin Mining Group Co. Ltd.
For further information: Zijin Mining Group Co. Ltd., No. 1 Zijin Road, Shanghang County, Fujian Province, China