Kinbauri Gold Corp.: Update on Glen Eagle Transaction and Legal Action
05 Junio 2009 - 10:34AM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB) (FRANKFURT:
3KG.DE) announces that, after a review of materials provided by
Glen Eagle Resources Inc. ("Glen Eagle") (TSX VENTURE: GER) with
respect to the funding commitments relating to the proposed
transaction between Glen Eagle and Kinbauri, the directors of
Kinbauri advised Glen Eagle that they did not receive sufficient
comfort that the new funding arrangements necessary to complete the
transaction were available. After carefully considering the
information provided by Glen Eagle in the context of the takeover
bid by Orvana Minerals Inc. ("Orvana") and the application by
Jaguar Financial Corporation ("Jaguar") Kinbauri advised Glen Eagle
that the agreement between the parties had come to an end.
Glen Eagle has advised that it does not accept Kinbauri's
position and is considering its options. As a result, Kinbauri has
decided to allow the matter to be determined in a court of law at
the same time as the application brought by Jaguar scheduled to be
heard on June 17, 2009.
The special committee of independent directors (the "Special
Committee") continues to evaluate the takeover bid commenced by
Orvana Minerals Corp., consider other alternatives and will make a
recommendation to the board of directors in the near future.
Kinbauri expects to mail its directors' circular containing its
recommendation next week.
Jaguar has amended its application commenced in the Ontario
Superior Court of Justice against Kinbauri, its wholly-owned
subsidiary, Kinbauri Espana S.L., ("Espana"), the directors of
Kinbauri, Glen Eagle and Paradise Peaks Holdings to request that:
the board of directors of Kinbauri be removed and a new board be
appointed; and an investigation be commenced to determine the
ultimate source and terms of funding to be provided for the
proposed transaction with Glen Eagle.
In the interim, Kinbauri encourages shareholders not to take any
action with respect to the offer.
This press release contains certain forward-looking statements,
which are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected. Kinbauri
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
VISIT:
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where
investors can post questions and receive answers or review
questions and answers already posted by other investors. Kinbauri
Web-Site: www.kinbauri-gold.com
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. NEITHER
TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
Contacts: Kinbauri Gold Corp. North America - Dr. Vern Rampton,
P. Eng. President 613-836-2594 613-831-2730 (FAX)
vrampton@kinbauri-gold.com
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