Largest single shareholder of Tagish Lake Gold Corp. corrects disclosure with respect to unsolicited offer. New Pacific Metals C
22 Agosto 2010 - 11:56PM
PR Newswire (Canada)
VANCOUVER, Aug. 23 /CNW/ -- VANCOUVER, Aug. 23 /CNW/ - YS Mining
Company Inc. ("YSM") is the largest shareholder, and the largest
creditor, of Tagish Lake Gold Corp. ("Tagish Lake"). YSM has made
an application to the British Columbia Securities Commission
("BCSC") for a cease trade order with respect to the unsolicited
take-over bid commenced by New Pacific Metals Corp. ("New
Pacific"). This application is made on the basis of multiple
representations, errors and omissions alleged by YSM to be made by
New Pacific in its take-over bid circular. In a news release dated
August 18, 2010, YSM stated that the BCSC'S Corporate Finance
department had confirmed the misrepresentations and errors. This
statement is incorrect, and is hereby withdrawn. By Notice of
Change dated August 20, 2010, New Pacific attempted to correct
several of instances of non-compliant disclosure that YSM had
brought to the attention of the BCSC. YSM now notes in the
disclosure in the Notice of Change that New Pacific has paid an
establishment fee of $350,000 to its controlling shareholder for
the loan to finance the proposed acquisition of Tagish Lake. YSM
will continue its review of the Notice of Change, paying particular
attention to any non-arm's length relationships. Despite the
corrections attempted to be made in New Pacific's Notice of Change,
in the opinion of YSM, the Notice of Change does not address the
more material deficiencies in New Pacific's disclosure to Tagish
Lake's shareholders, particularly the failure to originally
disclose the proposed sale of New Pacific's flag-ship Huaiji
property in a complex, multi-stage transaction. At YSM's request,
these deficiencies are proposed to be the subject of a Hearing of
the BCSC scheduled for August 30, 2010. By Order of the Board of
Directors, YS Mining Company Inc. Laurel Hill Advisory Group,
1-877-304-0211
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