YS Mining Announces Withdrawal of Cash Offer to Purchase All of the Outstanding Shares and Debt of Tagish Lake Gold Corp.
24 Septiembre 2010 - 11:19AM
PR Newswire (Canada)
VANCOUVER, Sept. 24 /CNW/ -- VANCOUVER, Sept. 24 /CNW/ - YS Mining
Company Inc. ("YS Mining") announces today, that effective
immediately, it has withdrawn its offer made on September 8, 2010,
to purchase all of the outstanding shares and debt of Tagish Lake
Gold Corp. ("Tagish Lake"). Accordingly, YS Mining will not
be taking up any shares or debt tendered to its bid. YS Mining's
decision to withdraw its bid was the result of several factors,
including the recommendation of the Board of Directors of Tagish
Lake to reject the YS Mining offer, notwithstanding that the cash
consideration offered by YS Mining was 20% higher that the cash
consideration offered by New Pacific Metals Corp. About YS Mining
YS Mining is a non-reporting corporation organized under the laws
of British Columbia. Approximately 41% of the issued and
outstanding shares of YS Mining are owned by Yukon-Nevada Gold
Corp., a reporting issuer in the provinces of British Columbia,
Alberta and Ontario, which trades on the Toronto Stock Exchange
under the symbol "YNG". Approximately 59% of the issued
shares of YS Mining are owned by Northwest Nonferrous International
Investment Company, of China. Currently, YS Mining holds (a)
10.7% of the issued and outstanding Tagish Lake shares and (b)
approximately $3.4 million of secured and unsecured Tagish Lake
debt, making it Tagish Lake's largest shareholder and largest
creditor. By Order of the Board of Directors YS Mining Company Inc.
p align="justify"Graham Dickson, President & CEObr/(778)
689-1883/p
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